Caterpillar Has Waived Its Mandatory Retirement Policy for CEO Jim Umpleby

Caterpillar had a mandatory retirement policy in place that they have now waived in order to let Jim Umpleby continue in his role as the Chairman and CEO of the company. Originally, the policy required him to retire at 65, but since Umpleby is turning 65 in February, the Caterpillar Board of Directors have decided to waive the mandatory retirement policy. Debra Reed Klages, the presiding director, spoke on behalf of the Caterpillar Board of Directors and claimed that the reason behind the waiver was to allow the CEO succession process to continue with more flexibility. Debra further stated that the Board is looking forward to seeing Jim continue to lead the Caterpillar team with his strong strategic and operating leadership skills.

Umpleby is a company veteran and has been with Caterpillar, the leading construction equipment manufacturer for over 40 years. Jim first joined a San Diego based subsidiary of Caterpillar called Solar Turbines Incorporated in 1980. Jim was appointed as the President of Solar Turbines and Vice President of Caterpillar in the year 2010. He also served as the Group President of Caterpillar’s Energy and Transportation business for three years. 

Once Doug Oberhelman retired in 2017, Jim was appointed as the CEO. In December of 2018, he was elected to be the Chairman of Caterpillar’s Board of Directors as well. Umpleby is leading a team of 107,700 employees in over 60 countries as the CEO and Chairman of Caterpillar’s Board.