In the coming months, two members of Caterpillar’s leadership team will officially retire.
Jim Umpleby will retire as Caterpillar’s executive chairman and member of the company’s board of directors, effective April 1. Tony Fassino, retired group president of construction industries, will retire May 31.
Following Umpleby’s retirement, Joe Creed will assume the role of chairman of the board. Creed was named the company’s CEO last May, succeeding Umpleby, who held the position for eight years.
“On behalf of the board and the entire Caterpillar team worldwide, I want to express my heartfelt thanks to Jim whose years of dedicated service have made a lasting impact and helped shape our legacy of excellence,” Creed says. “I am honored to carry the torch forward as chairman of the board as we further Caterpillar’s mission of solving our customers’ toughest challenges.”
Umpleby joined Caterpillar in 1997 and held several positions across multiple divisions, including COO and group president of energy and transportation. He became CEO in 2017.
“It’s been an honor to work alongside Caterpillar’s talented global team, and I’m very proud of all we accomplished together,” Umpleby says. “I am confident that Joe is the right leader to guide Caterpillar as it embarks upon a new century full of exciting opportunities. As I enter retirement, my greatest satisfaction comes from the conviction that Caterpillar’s best days lie ahead.”
Taking over for Fassino is Rod Shurman. Shurman was named group president of construction industries on Feb. 1. At that time, Fassino became retired group president of construction industries – the position he will hold for the remainder of the transition.
Fassino has been with Caterpillar for 30 years. In his time with the company, Caterpillar says Fassino helped drive the design and introduction of new products, services and technology, as well as the development of go-to-market and distribution strategies.
“Tony’s many contributions to Caterpillar and our customers’ success over his accomplished 30-year career will leave a lasting impact on our organization and everyone he worked with,” Creed says. “His dedication and leadership will be missed and we extend our best wishes for his retirement from Caterpillar.”
Shurman currently serves as senior vice president of Caterpillar’s BCP division. In the new role, he will be responsible for Caterpillar’s construction industries segment, which includes earthmoving, excavation, BCP, China operation, Cat rental and used, customer solutions core regions and customer solutions growth regions divisions – plus the construction industries supply management group.
“Rod’s deep experience across engineering and operations, combined with a drive to solve our customers’ toughest challenges, prepares him to guide construction industries into its next chapter,” Creed says. “We’re thrilled to see Rod take this role and excited for the future under his leadership.”
Since joining Caterpillar in 1997, Shurman has held positions of increasing responsibility in engineering, service and operations functions. He has served as senior vice president for Caterpillar’s oil and gas, as well as the electrification and energy solutions divisions.
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