Caterpillar Promotes COO Joseph Creed As Chief Executive, CEO Umpleby To Become Executive Chairman Of Board

Caterpillar (CAT) announced Tuesday that Chief Operating Officer Joseph E. Creed will succeed James Umpleby as Chief Executive Officer, effective May 1. Umpleby, who has led the construction equipment giant since 2017, will transition to Executive Chairman of the Board.

Following the announcement, Caterpillar’s stock rose more than 1% in morning trading.

Umpleby, a 45-year company veteran, has served as CEO for the past eight years. During his tenure, Caterpillar implemented a long-term growth strategy which, the company says, significantly boosted shareholder value. 

In 2024, Caterpillar reported record adjusted full-year earnings per share, which increased more than sixfold under Umpleby’s leadership.

Creed, who joined the company in 1997, has held leadership roles across multiple business segments. 

His promotion comes less than a year after he was named COO as part of the company’s broader succession plan.

His prior roles include Group President of Energy & Transportation, interim CFO, and leadership of the Oil & Gas, Marine, and Electric Power divisions.

The leadership change comes ahead of Caterpillar’s first-quarter (Q1) earnings release later this month. The company previously projected a modest decline in 2025 sales.

Analysts remain cautious on the outlook. On Monday, JPMorgan lowered its price target on Caterpillar shares to $380 from $490, citing rising recession risks per TheFly. 

JPMorgan Analyst Tami Zakaria maintained an ‘Overweight’ rating but warned that firms in the construction equipment sector may revise or withdraw full-year guidance as economic headwinds mount. 

The first quarter may have seen some pull-forward demand ahead of anticipated tariffs, but expectations for a second-half recovery now appear “questionable,” the analyst wrote.

Caterpillar shares are down nearly 20% year-to-date.

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