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Caterpillar Names New C.E.O.
PEORIA, Ill. (AP) -- Heavy equipment maker Caterpillar Inc. says Douglas Oberhelman will become the company's CEO next year.

The Peoria, Ill.-based company said Thursday the 56-year-old Oberhelman will succeed current CEO Jim Owens on July 1 of next year.

It says the 63-year-old Owens will stay on as chairman until he retires Oct. 31 under a mandatory retirement policy.

Caterpillar says Owens informed the company in 2008 that he was planning to retire in the fall of 2010 and has worked with the board to develop a succession plan.

Oberhelman currently is group president of Caterpillar responsible for the company's engine and gas turbine businesses, human services, rail services and remanufacturing divisions.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
10 21 09 by Newsroom
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