Wednesday, June 9, 2010

Caterpillar (NYSE:CAT) Officially Elects New CEO

True to their announcement in the last quarter of 2009, the Caterpillar (NYSE:CAT) board of directors has officially installed Doug Oberhelman as the new CEO of the company, replacing Jim Owens who is stepping down as CEO, but will remain Chairman through October 31.

Oberhelman will take over the duties of CEO on July 1, while Owens will retire on the October 31 date mentioned above. Owens will chair the board until then.

The last position in the giant mining and construction equipment-maker for Oberhelman was as Group President of the engine and gas turbine segment of the company.

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