Caterpillar CEO Jim Umpleby to take on chairman role

Reuters 

(Reuters) - said on Thursday would take on the additional role of chairman,

Umpleby, a member of the board and since Jan. 1, 2017, is widely credited for pulling the company out of its longest downturn - from 2012 to 2016 - when sales dropped more than 40 percent.

Deerfield, Illinois-based Caterpillar, which boosted its full-year profit outlook twice in 2018, announced the closure of two facilities earlier this year. The company is also considering closing an engine plant that could eliminate 880 jobs.

Umpelby replaces company veteran Doug Oberhleman, who retired as on Dec. 31, 2016 but stayed on as executive board until March 31, 2018.

The industry bellwether also said on Thursday its November rose 16 percent worldwide, led by a jump in orders across all geographies, especially in and

(Reporting by in Bengaluru and Rajesh Kumar Singh in Chicago; Editing by Maju Samuel)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 13 2018. 23:10 IST