IRVING, Texas (WMBD) — Caterpillar Inc’s Board of Directors announced they voted to allow Caterpillar’s Chairman and CEO Jim Umpleby to push back his retirement.
According to a press release, the board voted to waive the company policy that would have required Umpleby to retire at 65.
“Waiving the mandatory retirement policy for Jim provides the Board greater flexibility with its CEO succession process,” said Debra Reed-Klages, presiding director, speaking on behalf of Caterpillar’s Board of Directors. “Jim has provided strong strategic and operating leadership for the company, and we look forward to his continued leadership of the Caterpillar team.”
Umpleby has agreed to remain in his position past February 2023, when he turns 65.