Caterpillar Inc. announced several changes at the officer level, including the initial leadership for the integration of Bucyrus International. The company is also announcing the completion of organizational changes that will position Caterpillar to deliver on its Vision 2020 strategy.
James J. Parker to Retire
After more than 41 years with Caterpillar, Jim Parker, vice president, Americas Distribution Division, has elected to retire effective January 1, 2011.
"During the course of his career at Caterpillar, Jim has consistently taken a passionate, customer-focused approach to leadership, and has worked very closely with our dealers, including key support for several dealer transitions in recent years," said Stu Levenick, Caterpillar group president with responsibility for Customer & Dealer Support. "We thank Jim for his leadership, dedication and long service and wish him all the best in the next phase of life."
Parker joined Caterpillar in 1969 and spent several years as a research technician. Later in the 1970s, he held several senior-level pricing positions within Caterpillar's engine division and corporate offices. He then held the position of pricing manager for Caterpillar Far East Ltd., as well as serving in a variety of engine and power systems marketing positions, with particular emphasis on marine and industrial strategic planning.
Beginning in the 1990s, he was promoted to manager of marketing support for engine power systems in Caterpillar Asia Pte. Ltd. In 1998 he became the director of the Electric Power & Engine Products Division, and in 2001 he was elected Vice President, Power Systems & OEM Solutions Division. Parker was instrumental in the growth of Caterpillar’s electric power, marine and industrial engines businesses. He has a bachelor’s degree from Bradley University and completed the Stanford University Executive Program.
New Responsibilities for William E. Finerty
Caterpillar's board of directors has appointed Bill Finerty to replace Jim Parker as vice president, Americas Distribution Division. Finerty's move will be effective January 1, 2011.
"Bill's enthusiastic customer focus combined with his extensive marketing, dealer development and industry experience makes him the ideal candidate for this position," Levenick said.
Finerty joined Caterpillar in 1984 in the Marketing Training Program as a sales development tech. He then held a series of positions in the United States and Europe with growing responsibilities in the areas of marketing, finance and mining. In 2005, he was named a regional manager for the Americas Distribution Division, and for the last five years has been instrumental in the growth and development of the North American Dealer organization. Finerty has a bachelor's degree in accounting from Southern Illinois University.
New Responsibilities for Steven L. Fisher
Caterpillar has announced that Steve Fisher will become vice president with responsibility for the integration of Bucyrus International, Inc. In November, Caterpillar announced that it had reached an agreement to acquire Bucyrus in a transaction valued at approximately $8.6 billion (including net debt). The closing of the transaction is expected in mid-2011, and is subject to regulatory approvals, customary closing conditions and approval by Bucyrus stockholders. Fisher is currently Caterpillar vice president with responsibility for the Remanufacturing & Components Division.
"Steve has been instrumental in the rapid growth and success of Caterpillar's Remanufacturing business, which has been one of the company's fastest growing organizations in recent years," said Steve Wunning, Caterpillar group president with executive office accountability for Bucyrus, along with his current responsibilities for the company's Resource Industries. "Steve has been directly involved with several acquisitions, and the successful integration of those companies into Caterpillar. In this new role, Steve will initially lead a dedicated team of Caterpillar professionals in the integration planning efforts, and upon closing, will lead cross functional teams from both Caterpillar and Bucyrus to ensure a smooth and orderly integration," Wunning added.
New Responsibilities for Gregory S. Folley
Greg Folley will replace Fisher as vice president with responsibility for the Remanufacturing & Components Division. Folley is currently vice president with responsibility for the Human Services Division. He has responsibility for Corporate Human Resources, Corporate Public Affairs, Governmental Affairs, Compensation + Benefits, Sustainable Development and Environment, Health and Safety. Previously, Folley was vice president of the Core Components Division.
"Greg has demonstrated outstanding leadership in the area of cost containment, particularly as Caterpillar has successfully managed rising health care costs," Levenick said. "Greg's previous role leading the Core Components Division makes him a natural choice to fill this position, ensuring a smooth transition for this important Division," said Levenick.
A replacement for Folley as the Vice President of the Human Services Division will be named at a later date.
Jiming Zhu to Leave Caterpillar
Jiming Zhu, Caterpillar vice president responsible for the China Division, has elected to leave the company to pursue other opportunities. Zhu's departure from Caterpillar will be effective December 31, 2010.
Zhu will not be replaced with a Caterpillar corporate vice president. Instead, Caterpillar Group President Rich Lavin is moving to Hong Kong, where Caterpillar has established a new executive office for the company to provide added leadership for China and other critical growth markets. Lavin's move to Hong Kong marks the first time Caterpillar has had a member of its executive office based in Asia. Effective January 1, 2011, Kevin Thieneman will become Country Manager for China and Chairman of Caterpillar (China) Investment Co., Ltd., leading the ongoing development of Caterpillar's strategy and business growth in China. Thieneman will relocate to Beijing and retain his current responsibilities as Country Manager for India and ASEAN, and he will report to Lavin.
"I want to thank Jiming for the work he has done to position Caterpillar for growth and leadership in China," Lavin said. "We wish him well and continued success in the next phase of his professional career."
Organizational Changes completed
In order to more fully align its machinery businesses and leverage corporate services across the enterprise, Caterpillar is also announcing the final structural changes for the organization in support of Caterpillar’s updated corporate strategy, unveiled by Chairman and CEO Doug Oberhelman in June of this year. Effective January 1, 2011, the Building Construction Products Division, led by vice president Mary Bell, will report to Rich Lavin, Group President, Construction Industries & Growth Markets. Caterpillar's Global Purchasing Division, led by Chief Procurement Officer Frank Crespo, will report to Ed Rapp, CFO and Group President of Corporate Services.
