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.
Showing posts with label Jim Owens. Show all posts
Showing posts with label Jim Owens. Show all posts
Wednesday, June 9, 2010
Saturday, May 15, 2010
Caterpillar (NYSE:CAT) CEO Jim Owens Retiring
Popular and effective Caterpillar (NYSE:CAT) CEO Jim Owens will be retiring in June, and most industry observers say his legacy will be one where he is considered one of the best CEOs in the company's history, at this time considered only second to legendary Don Fites.
Owens was the successor of Fites, who successfully began the revamping of the company which most believe Owens finished.
The impressive performance of Caterpillar during the economic downturn was a testament to Owen's changes, which helped the company manage the cyclical business it is in, which under past performances outperformed in good times, but was clobbered in bad ones.
Other than one quarter where that had to take a big charge, the company was profitable throughout the downturn.
Owens changed that, and they're now considered better managers of the downside than the compay has ever been in its 85-year history, as Owens wasn't afraid to respond strongly and quickly to the economic challenges, cutting workers and his own pay to help battle it.
Even so, there will be work for incoming Caterpillar CEO Doug Oberhelman, who will have to shore up the supply chain which has let the company down in some cases, as they've had numerous orders lost because their suppliers weren't able to meet demand.
Up to Owens, Caterpillar has only had 12 CEOs in the history of the company, and Oberhelman will be the 13th.
Owens was the successor of Fites, who successfully began the revamping of the company which most believe Owens finished.
The impressive performance of Caterpillar during the economic downturn was a testament to Owen's changes, which helped the company manage the cyclical business it is in, which under past performances outperformed in good times, but was clobbered in bad ones.
Other than one quarter where that had to take a big charge, the company was profitable throughout the downturn.
Owens changed that, and they're now considered better managers of the downside than the compay has ever been in its 85-year history, as Owens wasn't afraid to respond strongly and quickly to the economic challenges, cutting workers and his own pay to help battle it.
Even so, there will be work for incoming Caterpillar CEO Doug Oberhelman, who will have to shore up the supply chain which has let the company down in some cases, as they've had numerous orders lost because their suppliers weren't able to meet demand.
Up to Owens, Caterpillar has only had 12 CEOs in the history of the company, and Oberhelman will be the 13th.
Monday, January 26, 2009
Commodities: Caterpillar in Massive Layoffs
Caterpillar, the huge mining and construction equipment maker, announced today it was going to lay off about 20,000 people in response to a worst than expected quarter, as plunging commodity prices caused mining companies to cut back on equipment acquisitions.
According to Caterpillar, their net profit in the fourth quarter plunged by 32 percent to $661 million from the same time a year ago.
The performance was so bad for the equipment maker that they said 2009 will be their poorest year since World War II. Earnings for the fourth quarter came in at $1.08, in contrast to the estimated $1.31 analysts were looking for.
Caterpillar CEO Jim Owens concurred with the outlook, saying it's going to be a very tough year for the company.
Much of the poor performance came from mining companies, as they cut back on equipment purchases as commodity prices fell in a big way in the last part of 2008.
This is unfortunate, as it looks like with gold and silver prices rising, the last half of 2009 will probably be a good one, as money starts flowing to acquiring equipment again. But the battering on Caterpillar forces them to make these moves in order to survive.
Looking ahead, Caterpillar cut its 2009 sales and earnings guidance from $51.3 billion and $5.66 a share, to $40 billion and $2.50 a share.
The first half will be brutal for the company, but as I said, the second half will bring some recovery, but it won't be nearly enough or in time to offer any short-term support to the company or stock.
Why this is significant, especially in the commodities sector, is Caterpillar is a bellwhether for the overall economy; both nationally and internationally. Taking this big of a hit has brought optimism back to reality, and tells us things will be tough going ahead.
For investors, this should be a sign that gold and silver will continue to be good places to put their money in 2009, as the U.S. dollar will weaken and diminish as a place of safety, and gold especially will start to be the place people look for for safety, as it usually is in times like this.
According to Caterpillar, their net profit in the fourth quarter plunged by 32 percent to $661 million from the same time a year ago.
The performance was so bad for the equipment maker that they said 2009 will be their poorest year since World War II. Earnings for the fourth quarter came in at $1.08, in contrast to the estimated $1.31 analysts were looking for.
Caterpillar CEO Jim Owens concurred with the outlook, saying it's going to be a very tough year for the company.
Much of the poor performance came from mining companies, as they cut back on equipment purchases as commodity prices fell in a big way in the last part of 2008.
This is unfortunate, as it looks like with gold and silver prices rising, the last half of 2009 will probably be a good one, as money starts flowing to acquiring equipment again. But the battering on Caterpillar forces them to make these moves in order to survive.
Looking ahead, Caterpillar cut its 2009 sales and earnings guidance from $51.3 billion and $5.66 a share, to $40 billion and $2.50 a share.
The first half will be brutal for the company, but as I said, the second half will bring some recovery, but it won't be nearly enough or in time to offer any short-term support to the company or stock.
Why this is significant, especially in the commodities sector, is Caterpillar is a bellwhether for the overall economy; both nationally and internationally. Taking this big of a hit has brought optimism back to reality, and tells us things will be tough going ahead.
For investors, this should be a sign that gold and silver will continue to be good places to put their money in 2009, as the U.S. dollar will weaken and diminish as a place of safety, and gold especially will start to be the place people look for for safety, as it usually is in times like this.
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