Caterpillar Appoints Creed as CEO; Umpleby to Be Chairman (1)

Caterpillar Inc. said Joe Creed, a 28-year veteran of the US machinery manufacturer, will be its next chief executive officer.

Creed will start in the top job on May 1, while current CEO Jim Umpleby will become executive chairman, Caterpillar said Tuesday in a statement.

Creed, who has held several senior roles at the company and is currently its chief operating officer, steps up at a time of heightened uncertainty for Caterpillar. The company warned in January that full-year revenue will be slightly lower, due to declines in sales from its construction and natural resources segments.

That outlook ...