Oberhelman to succeed Owens at Caterpillar

Doug Oberhelman has been name vice chairman and CEO-elect of Caterpillar. The appointment will see him succeed current chairman & CEO Jim Owens, assuming all his responsibilities by the end of October 2010.

Mr Oberhelman, currently a Caterpillar group president with responsibility for the company's engine and gas turbine business, will take over in stages. He will assume the responsibilities as CEO from July 1 next year, with Mr Owens staying on as Chairman for another four months. Mr Oberhelman will takeover the chairman's role following Mr Owens' retirement on October 31.

Mr Oberhelman joined Caterpillar in 1975, working in various roles in North America, South America and Japan. In 1995 he was elected as vice president and served as the company's chief financial officer for three years. In 1998 he took over responsibility for the company's engines business and was elected a group president in 2002. In addition to overseeing the companies engine and turbine business he has overall responsibility for Caterpillar's activities in the Asia Pacific region as well as its financial products.

Commenting on his successor, Mr Owens said, "Doug has gained a broad understanding of Caterpillar's business through his diverse background."