Jim Umpleby: Difference between revisions
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| name = Jim Umpleby | | name = Jim Umpleby | ||
| birth_name = Donald James Umpleby III | | birth_name = Donald James Umpleby III | ||
| birth_date = <!-- Not | | birth_date = <!-- Not verified by reliable source --> | ||
| birth_place = <!-- Not | | birth_place = <!-- Not verified by reliable source --> | ||
| nationality = American | | nationality = American | ||
| alma_mater = Rose-Hulman Institute of Technology (B.S., 1980) | | alma_mater = [[Rose-Hulman Institute of Technology]] (B.S., 1980) | ||
| occupation = Business executive | | occupation = Business executive | ||
| employer = [[Caterpillar Inc.]] | | employer = [[Caterpillar Inc.]] | ||
| title = Executive Chairman, Caterpillar Inc. | | title = Executive Chairman, Caterpillar Inc. | ||
| known_for = Chairman and CEO of Caterpillar Inc. | | known_for = Chairman and CEO of [[Caterpillar Inc.]] | ||
| spouse = Katherine Umpleby | | spouse = Katherine Umpleby | ||
| children = 2 | | children = 2 | ||
| website = [https://www.caterpillar.com/en.html caterpillar.com] | | website = [https://www.caterpillar.com/en.html caterpillar.com] | ||
}} | }} | ||
'''Donald James "Jim" Umpleby III''' is an American business executive who served as the [[chief executive officer]] (CEO) of [[Caterpillar Inc.]], the world's largest manufacturer of construction and mining equipment, from January 2017 to May 2025 | '''Donald James "Jim" Umpleby III''' is an American business executive who served as the [[chief executive officer]] (CEO) of [[Caterpillar Inc.]], the world's largest manufacturer of construction and mining equipment, from January 1, 2017, to May 1, 2025.<ref name="cat-next-ceo">{{cite web |title=Caterpillar Names Next CEO |url=http://www.caterpillar.com/en/news/corporate-press-releases/h/caterpillar-next-ceo.html |publisher=Caterpillar Inc. |access-date=2026-02-23}}</ref><ref name="creed-elected">{{cite web |title=Caterpillar Chairman and CEO Jim Umpleby to become Executive Chairman; Caterpillar Chief Operating Officer Joe Creed Elected as Caterpillar's Next CEO |url=https://investors.caterpillar.com/news/news-details/2025/Caterpillar-Chairman-and-CEO-Jim-Umpleby-to-become-Executive-Chairman-Caterpillar-Chief-Operating-Officer-Joe-Creed-Elected-as-Caterpillars-Next-CEO/default.aspx |publisher=Caterpillar Inc. |date=April 15, 2025 |access-date=2026-02-23}}</ref> He has served as chairman of the Caterpillar board of directors since December 2018 and transitioned to the role of executive chairman in 2025.<ref name="chairman-elected">{{cite web |title=Umpleby Elected Chairman of Board |url=https://www.caterpillar.com/en/news/corporate-press-releases/h/umpleby-elected-chairman-of-board.html |publisher=Caterpillar Inc. |access-date=2026-02-23}}</ref><ref name="creed-elected" /> A career-long Caterpillar employee who joined the company through its subsidiary Solar Turbines after graduating from the [[Rose-Hulman Institute of Technology]] in 1980, Umpleby rose through the ranks over more than three decades, holding senior leadership positions across the company's energy and transportation segments before being named CEO. His tenure at the helm of Caterpillar was marked by a strategic focus on improving shareholder returns and operational discipline. In January 2026, Caterpillar announced that CEO Joe Creed would succeed Umpleby as chairman of the board effective April 1, 2026, upon Umpleby's retirement from the position.<ref name="reuters-creed-chairman">{{cite news |date=January 6, 2026 |title=Caterpillar CEO Creed to become chairman |url=https://www.reuters.com/business/caterpillar-ceo-creed-become-chairman-2026-01-06/ |work=Reuters |access-date=2026-02-23}}</ref> | ||
== Early Life == | == Early Life == | ||
Jim Umpleby was born Donald James Umpleby III | Jim Umpleby was born Donald James Umpleby III.<ref name="Legacy">{{cite web |title=James Umpleby Obituary |url=http://www.legacy.com/obituaries/post-tribune/obituary.aspx?pid=175196858 |publisher=Legacy.com |access-date=2026-02-23}}</ref> Details about his early childhood and family background are limited in public records. His father's obituary, published in the ''Post-Tribune'', confirms family details including that Umpleby is married to Katherine Umpleby and has two children.<ref name="Legacy" /> | ||
Umpleby grew up with an interest in engineering and technology, which led him to pursue a degree in the field. He attended the [[Rose-Hulman Institute of Technology]], a private engineering college located in [[Terre Haute, Indiana]].<ref name="rose-hulman">{{cite web |title=Caterpillar CEO Jim Umpleby to Present Rose-Hulman Commencement Address |url=https://www.rose-hulman.edu/news/2018/Caterpillar-CEO-Jim-Umpleby-to-Present-Rose-Hulman-Commencement-Address.html |publisher=Rose-Hulman Institute of Technology |date=2018 |access-date=2026-02-23}}</ref> He graduated from Rose-Hulman in 1980, after which he began his career at Caterpillar's subsidiary, Solar Turbines.<ref name="pjstar-who">{{cite news |date=October 17, 2016 |title=Who is incoming Caterpillar CEO Jim Umpleby? |url=http://www.pjstar.com/news/20161017/who-is-incoming-caterpillar-ceo-jim-umpleby |work=Peoria Journal Star |access-date=2026-02-23}}</ref> | |||
== Education == | == Education == | ||
Umpleby | Umpleby earned a bachelor's degree from the [[Rose-Hulman Institute of Technology]] in 1980.<ref name="rose-hulman" /><ref name="pjstar-who" /> Rose-Hulman, consistently ranked among the top undergraduate engineering schools in the United States, provided Umpleby with a technical foundation that would underpin his career in the industrial manufacturing sector. Umpleby maintained ties with his alma mater throughout his career. In 2018, after becoming CEO of Caterpillar, he was invited to deliver the commencement address at Rose-Hulman, reflecting his continued connection to the institution.<ref name="rose-hulman" /> | ||
== Career == | |||
== Career == | === Early Career at Solar Turbines === | ||
After graduating from Rose-Hulman in 1980, Umpleby began his career at [[Solar Turbines]], a wholly owned subsidiary of Caterpillar Inc. based in [[San Diego, California]].<ref name="pjstar-who" /><ref name="solar-bio">{{cite web |title=Jim Umpleby Biography — Solar Turbines |url=https://web.archive.org/web/20110708123424/http://mysolar.cat.com/cda/layout?m=35503&x=7 |publisher=Solar Turbines / Caterpillar Inc. |access-date=2026-02-23}}</ref> Solar Turbines designs and manufactures industrial gas turbines, gas compressors, and gas turbine-powered compressor sets, generator sets, and other turbomachinery equipment. The subsidiary serves customers in the oil and gas, power generation, and industrial processing sectors worldwide. | |||
Umpleby spent a significant portion of his career at Solar Turbines, where he held progressively senior roles.<ref name="pjstar-who" /> His experience at Solar Turbines gave him extensive knowledge of Caterpillar's energy and power generation business, as well as international operations. Over the course of more than three decades, he developed deep expertise in the company's products, markets, and global customer base. | |||
=== Rise to Senior Leadership === | |||
=== | Through his work at Solar Turbines and within the broader Caterpillar organization, Umpleby advanced into senior executive positions. He eventually became a group president of Caterpillar, overseeing the company's Energy & Transportation segment, one of Caterpillar's largest business units.<ref name="pjstar-who" /><ref name="cat-bio">{{cite web |title=Jim Umpleby — Officer Biography |url=https://www.caterpillar.com/en/company/governance/officers/jim-umpleby.html |publisher=Caterpillar Inc. |access-date=2026-02-23}}</ref> The Energy & Transportation segment includes a diverse range of products and services spanning reciprocating engines, turbines, diesel-electric locomotives, and related services for industries including oil and gas, power generation, marine, rail, and industrial applications. | ||
Umpleby's leadership of the Energy & Transportation segment positioned him as one of the most senior executives within Caterpillar and gave him responsibility for a substantial portion of the company's global revenue and operations. His performance in this role was a key factor in his selection as the company's next CEO.<ref name="pjstar-who" /> | |||
=== CEO of Caterpillar Inc. === | |||
On October 17, 2016, Caterpillar announced that Umpleby had been selected to succeed [[Douglas R. Oberhelman]] as CEO, effective January 1, 2017.<ref name="cat-next-ceo" /><ref name="pjstar-who" /> The appointment came at a challenging time for Caterpillar, which had experienced several years of declining revenues amid a downturn in commodity prices that dampened demand for mining and construction equipment globally. | |||
= | The ''Peoria Journal Star'' profiled Umpleby upon his appointment, noting his long tenure within the Caterpillar organization and his deep roots at Solar Turbines.<ref name="pjstar-who" /> Unlike some of his predecessors, Umpleby came to the CEO role from the energy and transportation side of the business rather than from the construction equipment segments that form Caterpillar's most publicly visible product lines. | ||
Umpleby officially became CEO on January 1, 2017, taking the reins of a company that, at the time, was one of the 30 components of the [[Dow Jones Industrial Average]] and employed tens of thousands of workers worldwide.<ref name="cat-next-ceo" /> | |||
==== Strategic Focus on Shareholder Returns ==== | |||
=== | In September 2017, ''Barron's'' published a profile of Umpleby's early strategic direction as CEO. The publication noted that Umpleby was focused on improving returns for shareholders, a shift in emphasis that distinguished his approach from that of his predecessor.<ref name="barrons-returns">{{cite news |title=New Caterpillar CEO Focuses on Returns |url=https://www.barrons.com/articles/new-caterpillar-ceo-focuses-on-returns-1505476918 |work=Barron's |date=September 15, 2017 |access-date=2026-02-23}}</ref> A separate ''Barron's'' article from the same period described the leadership transition with the headline "There's a New Sheriff in Town," signaling Wall Street's perception of a meaningful change in management philosophy at the company.<ref name="barrons-sheriff">{{cite news |title=Caterpillar: There's a New Sheriff in Town |url=http://www.barrons.com/articles/caterpillar-theres-a-new-sheriff-in-town-1505417586 |work=Barron's |date=September 2017 |access-date=2026-02-23}}</ref> | ||
Under Umpleby's leadership, Caterpillar pursued a strategy centered on operational efficiency, disciplined capital allocation, and returning cash to shareholders through dividends and share repurchases. His tenure coincided with a recovery in global demand for construction and mining equipment, driven in part by infrastructure spending and a rebound in commodity prices. | |||
==== Chairman of the Board ==== | |||
On December 13, 2018, Caterpillar's board of directors elected Umpleby as chairman of the board, adding the role to his existing position as CEO.<ref name="chairman-elected" /><ref name="reuters-chairman">{{cite news |title=Caterpillar CEO Umpleby elected chairman |url=https://web.archive.org/web/20181213185309/https://in.reuters.com/article/caterpillar-chairman-idINKBN1OC2EJ |work=Reuters |date=December 13, 2018 |access-date=2026-02-23}}</ref> He succeeded Dave Calhoun, who had served as non-executive chairman, in the role.<ref name="reuters-chairman" /> The dual role of chairman and CEO is common among large American industrial corporations, though it has also been the subject of governance debates among institutional investors and corporate governance advocates. | |||
=== Transition to Executive Chairman === | |||
On April 15, 2025, Caterpillar announced that Umpleby would transition from his combined role of chairman and CEO to the position of executive chairman, effective May 1, 2025.<ref name="creed-elected" /> The company simultaneously announced that Joe Creed, who had been serving as Caterpillar's chief operating officer, had been elected by the board as the company's next CEO, effective the same date.<ref name="creed-elected" /> | |||
The leadership transition marked the end of Umpleby's eight-year tenure as CEO. During his time leading the company, Caterpillar navigated significant economic cycles, including the effects of global trade tensions, the [[COVID-19 pandemic]], and shifts in energy markets. The succession to Creed was described by the company as a planned transition.<ref name="creed-elected" /> | |||
=== Retirement as Chairman === | |||
In January 2026, [[Reuters]] reported that Caterpillar had announced Joe Creed would succeed Umpleby as chairman of the board, effective April 1, 2026, following Umpleby's retirement from the position.<ref name="reuters-creed-chairman" /> Industry publication ''Pit & Quarry'' also reported on Umpleby's planned retirement as chairman, confirming that Creed would take on the dual role of chairman and CEO.<ref name="pitandquarry">{{cite web |title=Umpleby to retire as Caterpillar chairman |url=https://www.pitandquarry.com/umpleby-to-retire-as-caterpillar-chairman/ |publisher=Pit & Quarry |access-date=2026-02-23}}</ref> | |||
=== Board Service Outside Caterpillar === | === Board Service Outside Caterpillar === | ||
In addition to his | In addition to his roles at Caterpillar, Umpleby served as a member of the board of directors of [[Chevron Corporation]]. In 2018, Reuters reported that Chevron had added Umpleby to its board following the departure of former Chevron CEO John S. Watson.<ref name="reuters-chevron">{{cite news |title=Chevron adds Caterpillar CEO to board after Watson exit |url=https://www.reuters.com/article/us-chevron-director/chevron-adds-caterpillar-ceo-to-board-after-watson-exit-idUSKBN1FL5O2 |work=Reuters |date=2018 |access-date=2026-02-23}}</ref> His appointment to the Chevron board reflected his standing as a senior American industrial executive and his experience in the energy sector through his long tenure at Solar Turbines and leadership of Caterpillar's Energy & Transportation segment. | ||
== Personal Life == | == Personal Life == | ||
Umpleby is married to Katherine Umpleby, and the couple has two children.<ref name="Legacy" /> These details were confirmed through his father's obituary published in the ''Post-Tribune''.<ref name="Legacy" /> Umpleby spent much of his career based in [[San Diego, California]], where Solar Turbines is headquartered, before relocating in connection with his roles at Caterpillar's corporate headquarters. Caterpillar's corporate headquarters were historically located in [[Peoria, Illinois]], though the company announced a move of its global headquarters to the [[Dallas–Fort Worth metroplex]] area of [[Texas]] during Umpleby's tenure as CEO. | |||
== Recognition == | == Recognition == | ||
Umpleby's leadership | Umpleby's leadership of Caterpillar drew attention from financial media throughout his tenure. In September 2017, ''Barron's'' published multiple articles examining his strategic direction, noting his focus on improving shareholder returns and characterizing his appointment as a significant change in leadership style for the company.<ref name="barrons-returns" /><ref name="barrons-sheriff" /> | ||
In 2018, Umpleby | In 2018, Rose-Hulman Institute of Technology invited Umpleby to deliver the commencement address to the graduating class, an honor reflecting both his professional accomplishments and his status as a notable alumnus of the institution.<ref name="rose-hulman" /> | ||
Umpleby's | In October 2025, financial commentator [[Jim Cramer]] discussed Umpleby's legacy at Caterpillar on his program, with ''Yahoo Finance'' reporting that Cramer highlighted the company's performance under Umpleby's leadership and praised the company's "star divisions."<ref name="cramer">{{cite news |date=October 31, 2025 |title=Jim Cramer Calls Former Caterpillar CEO Jim Umpleby a "Visionary" |url=https://finance.yahoo.com/news/jim-cramer-calls-former-caterpillar-134119443.html |work=Yahoo Finance |access-date=2026-02-23}}</ref> | ||
== Legacy == | == Legacy == | ||
Umpleby's career at Caterpillar spanned more than four decades, from his entry-level position at Solar Turbines in 1980 to his service as executive chairman in the mid-2020s. His trajectory from a newly graduated engineer to the leader of one of the world's largest industrial companies exemplified a long-tenured, internally developed leadership path that has been characteristic of several Caterpillar CEOs. | |||
As CEO from 2017 to 2025, Umpleby led Caterpillar through a period that included significant economic disruption and recovery. His strategic emphasis on shareholder returns, operational discipline, and efficient capital allocation was noted by financial analysts and publications during his tenure.<ref name="barrons-returns" /><ref name="barrons-sheriff" /> | |||
The succession plan that saw Joe Creed elevated first to CEO in May 2025 and then to chairman effective April 2026 was structured as a gradual transition, with Umpleby remaining involved as executive chairman during the handover period.<ref name="creed-elected" /><ref name="reuters-creed-chairman" /> This approach allowed for continuity in corporate strategy and governance during the leadership change. | |||
Following his departure from the CEO role, public filings with the [[Securities and Exchange Commission]] showed that Umpleby sold close to $8 million in Caterpillar stock in September 2025, though reporting indicated he retained substantial holdings in the company.<ref name="pjstar-stock">{{cite news |date=September 26, 2025 |title=Former Caterpillar CEO Jim Umpleby sells nearly $8 million of company stock |url=https://www.pjstar.com/story/business/2025/09/26/former-caterpillar-ceo-jim-umpleby-sells-millions-of-dollars-of-shares-in-company/86373459007/ |work=Peoria Journal Star |access-date=2026-02-23}}</ref><ref name="25news">{{cite news |date=September 28, 2025 |title=Caterpillar's former CEO sells almost $8 million in company stock, although he owns a lot more |url=https://www.25newsnow.com/2025/09/29/caterpillars-former-ceo-sells-almost-8-million-company-stock-although-he-owns-lot-more/ |work=WEEK / 25 News Now |access-date=2026-02-23}}</ref><ref name="wjbc">{{cite news |date=September 30, 2025 |title=Former Caterpillar CEO Jim Umpleby sells more than $8M in company stock |url=https://www.wjbc.com/2025/09/30/former-caterpillar-ceo-jim-umpleby-sells-more-than-8m-in-company-stock/ |work=WJBC AM 1230 |access-date=2026-02-23}}</ref> | |||
Umpleby's | Umpleby's service on the Chevron board of directors further reflected his influence beyond Caterpillar, positioning him within a network of senior American corporate leaders involved in the industrial and energy sectors.<ref name="reuters-chevron" /> | ||
== References == | == References == | ||
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[[Category:Caterpillar Inc. people]] | [[Category:Caterpillar Inc. people]] | ||
[[Category:Rose-Hulman Institute of Technology alumni]] | [[Category:Rose-Hulman Institute of Technology alumni]] | ||
[[Category:Chevron Corporation people]] | |||
[[Category:American chairpersons of corporations]] | |||
[[Category:Living people]] | [[Category:Living people]] | ||
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{ | { | ||
Latest revision as of 04:46, 24 February 2026
| Jim Umpleby | |
| Born | Donald James Umpleby III |
|---|---|
| Nationality | American |
| Occupation | Business executive |
| Title | Executive Chairman, Caterpillar Inc. |
| Employer | Caterpillar Inc. |
| Known for | Chairman and CEO of Caterpillar Inc. |
| Spouse(s) | Katherine Umpleby |
| Children | 2 |
| Website | [caterpillar.com Official site] |
Donald James "Jim" Umpleby III is an American business executive who served as the chief executive officer (CEO) of Caterpillar Inc., the world's largest manufacturer of construction and mining equipment, from January 1, 2017, to May 1, 2025.[1][2] He has served as chairman of the Caterpillar board of directors since December 2018 and transitioned to the role of executive chairman in 2025.[3][2] A career-long Caterpillar employee who joined the company through its subsidiary Solar Turbines after graduating from the Rose-Hulman Institute of Technology in 1980, Umpleby rose through the ranks over more than three decades, holding senior leadership positions across the company's energy and transportation segments before being named CEO. His tenure at the helm of Caterpillar was marked by a strategic focus on improving shareholder returns and operational discipline. In January 2026, Caterpillar announced that CEO Joe Creed would succeed Umpleby as chairman of the board effective April 1, 2026, upon Umpleby's retirement from the position.[4]
Early Life
Jim Umpleby was born Donald James Umpleby III.[5] Details about his early childhood and family background are limited in public records. His father's obituary, published in the Post-Tribune, confirms family details including that Umpleby is married to Katherine Umpleby and has two children.[5]
Umpleby grew up with an interest in engineering and technology, which led him to pursue a degree in the field. He attended the Rose-Hulman Institute of Technology, a private engineering college located in Terre Haute, Indiana.[6] He graduated from Rose-Hulman in 1980, after which he began his career at Caterpillar's subsidiary, Solar Turbines.[7]
Education
Umpleby earned a bachelor's degree from the Rose-Hulman Institute of Technology in 1980.[6][7] Rose-Hulman, consistently ranked among the top undergraduate engineering schools in the United States, provided Umpleby with a technical foundation that would underpin his career in the industrial manufacturing sector. Umpleby maintained ties with his alma mater throughout his career. In 2018, after becoming CEO of Caterpillar, he was invited to deliver the commencement address at Rose-Hulman, reflecting his continued connection to the institution.[6]
Career
Early Career at Solar Turbines
After graduating from Rose-Hulman in 1980, Umpleby began his career at Solar Turbines, a wholly owned subsidiary of Caterpillar Inc. based in San Diego, California.[7][8] Solar Turbines designs and manufactures industrial gas turbines, gas compressors, and gas turbine-powered compressor sets, generator sets, and other turbomachinery equipment. The subsidiary serves customers in the oil and gas, power generation, and industrial processing sectors worldwide.
Umpleby spent a significant portion of his career at Solar Turbines, where he held progressively senior roles.[7] His experience at Solar Turbines gave him extensive knowledge of Caterpillar's energy and power generation business, as well as international operations. Over the course of more than three decades, he developed deep expertise in the company's products, markets, and global customer base.
Rise to Senior Leadership
Through his work at Solar Turbines and within the broader Caterpillar organization, Umpleby advanced into senior executive positions. He eventually became a group president of Caterpillar, overseeing the company's Energy & Transportation segment, one of Caterpillar's largest business units.[7][9] The Energy & Transportation segment includes a diverse range of products and services spanning reciprocating engines, turbines, diesel-electric locomotives, and related services for industries including oil and gas, power generation, marine, rail, and industrial applications.
Umpleby's leadership of the Energy & Transportation segment positioned him as one of the most senior executives within Caterpillar and gave him responsibility for a substantial portion of the company's global revenue and operations. His performance in this role was a key factor in his selection as the company's next CEO.[7]
CEO of Caterpillar Inc.
On October 17, 2016, Caterpillar announced that Umpleby had been selected to succeed Douglas R. Oberhelman as CEO, effective January 1, 2017.[1][7] The appointment came at a challenging time for Caterpillar, which had experienced several years of declining revenues amid a downturn in commodity prices that dampened demand for mining and construction equipment globally.
The Peoria Journal Star profiled Umpleby upon his appointment, noting his long tenure within the Caterpillar organization and his deep roots at Solar Turbines.[7] Unlike some of his predecessors, Umpleby came to the CEO role from the energy and transportation side of the business rather than from the construction equipment segments that form Caterpillar's most publicly visible product lines.
Umpleby officially became CEO on January 1, 2017, taking the reins of a company that, at the time, was one of the 30 components of the Dow Jones Industrial Average and employed tens of thousands of workers worldwide.[1]
In September 2017, Barron's published a profile of Umpleby's early strategic direction as CEO. The publication noted that Umpleby was focused on improving returns for shareholders, a shift in emphasis that distinguished his approach from that of his predecessor.[10] A separate Barron's article from the same period described the leadership transition with the headline "There's a New Sheriff in Town," signaling Wall Street's perception of a meaningful change in management philosophy at the company.[11]
Under Umpleby's leadership, Caterpillar pursued a strategy centered on operational efficiency, disciplined capital allocation, and returning cash to shareholders through dividends and share repurchases. His tenure coincided with a recovery in global demand for construction and mining equipment, driven in part by infrastructure spending and a rebound in commodity prices.
Chairman of the Board
On December 13, 2018, Caterpillar's board of directors elected Umpleby as chairman of the board, adding the role to his existing position as CEO.[3][12] He succeeded Dave Calhoun, who had served as non-executive chairman, in the role.[12] The dual role of chairman and CEO is common among large American industrial corporations, though it has also been the subject of governance debates among institutional investors and corporate governance advocates.
Transition to Executive Chairman
On April 15, 2025, Caterpillar announced that Umpleby would transition from his combined role of chairman and CEO to the position of executive chairman, effective May 1, 2025.[2] The company simultaneously announced that Joe Creed, who had been serving as Caterpillar's chief operating officer, had been elected by the board as the company's next CEO, effective the same date.[2]
The leadership transition marked the end of Umpleby's eight-year tenure as CEO. During his time leading the company, Caterpillar navigated significant economic cycles, including the effects of global trade tensions, the COVID-19 pandemic, and shifts in energy markets. The succession to Creed was described by the company as a planned transition.[2]
Retirement as Chairman
In January 2026, Reuters reported that Caterpillar had announced Joe Creed would succeed Umpleby as chairman of the board, effective April 1, 2026, following Umpleby's retirement from the position.[4] Industry publication Pit & Quarry also reported on Umpleby's planned retirement as chairman, confirming that Creed would take on the dual role of chairman and CEO.[13]
Board Service Outside Caterpillar
In addition to his roles at Caterpillar, Umpleby served as a member of the board of directors of Chevron Corporation. In 2018, Reuters reported that Chevron had added Umpleby to its board following the departure of former Chevron CEO John S. Watson.[14] His appointment to the Chevron board reflected his standing as a senior American industrial executive and his experience in the energy sector through his long tenure at Solar Turbines and leadership of Caterpillar's Energy & Transportation segment.
Personal Life
Umpleby is married to Katherine Umpleby, and the couple has two children.[5] These details were confirmed through his father's obituary published in the Post-Tribune.[5] Umpleby spent much of his career based in San Diego, California, where Solar Turbines is headquartered, before relocating in connection with his roles at Caterpillar's corporate headquarters. Caterpillar's corporate headquarters were historically located in Peoria, Illinois, though the company announced a move of its global headquarters to the Dallas–Fort Worth metroplex area of Texas during Umpleby's tenure as CEO.
Recognition
Umpleby's leadership of Caterpillar drew attention from financial media throughout his tenure. In September 2017, Barron's published multiple articles examining his strategic direction, noting his focus on improving shareholder returns and characterizing his appointment as a significant change in leadership style for the company.[10][11]
In 2018, Rose-Hulman Institute of Technology invited Umpleby to deliver the commencement address to the graduating class, an honor reflecting both his professional accomplishments and his status as a notable alumnus of the institution.[6]
In October 2025, financial commentator Jim Cramer discussed Umpleby's legacy at Caterpillar on his program, with Yahoo Finance reporting that Cramer highlighted the company's performance under Umpleby's leadership and praised the company's "star divisions."[15]
Legacy
Umpleby's career at Caterpillar spanned more than four decades, from his entry-level position at Solar Turbines in 1980 to his service as executive chairman in the mid-2020s. His trajectory from a newly graduated engineer to the leader of one of the world's largest industrial companies exemplified a long-tenured, internally developed leadership path that has been characteristic of several Caterpillar CEOs.
As CEO from 2017 to 2025, Umpleby led Caterpillar through a period that included significant economic disruption and recovery. His strategic emphasis on shareholder returns, operational discipline, and efficient capital allocation was noted by financial analysts and publications during his tenure.[10][11]
The succession plan that saw Joe Creed elevated first to CEO in May 2025 and then to chairman effective April 2026 was structured as a gradual transition, with Umpleby remaining involved as executive chairman during the handover period.[2][4] This approach allowed for continuity in corporate strategy and governance during the leadership change.
Following his departure from the CEO role, public filings with the Securities and Exchange Commission showed that Umpleby sold close to $8 million in Caterpillar stock in September 2025, though reporting indicated he retained substantial holdings in the company.[16][17][18]
Umpleby's service on the Chevron board of directors further reflected his influence beyond Caterpillar, positioning him within a network of senior American corporate leaders involved in the industrial and energy sectors.[14]
References
- ↑ 1.0 1.1 1.2 "Caterpillar Names Next CEO".Caterpillar Inc..http://www.caterpillar.com/en/news/corporate-press-releases/h/caterpillar-next-ceo.html.Retrieved 2026-02-23.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 "Caterpillar Chairman and CEO Jim Umpleby to become Executive Chairman; Caterpillar Chief Operating Officer Joe Creed Elected as Caterpillar's Next CEO".Caterpillar Inc..April 15, 2025.https://investors.caterpillar.com/news/news-details/2025/Caterpillar-Chairman-and-CEO-Jim-Umpleby-to-become-Executive-Chairman-Caterpillar-Chief-Operating-Officer-Joe-Creed-Elected-as-Caterpillars-Next-CEO/default.aspx.Retrieved 2026-02-23.
- ↑ 3.0 3.1 "Umpleby Elected Chairman of Board".Caterpillar Inc..https://www.caterpillar.com/en/news/corporate-press-releases/h/umpleby-elected-chairman-of-board.html.Retrieved 2026-02-23.
- ↑ 4.0 4.1 4.2 "Caterpillar CEO Creed to become chairman".Reuters.January 6, 2026.https://www.reuters.com/business/caterpillar-ceo-creed-become-chairman-2026-01-06/.Retrieved 2026-02-23.
- ↑ 5.0 5.1 5.2 5.3 "James Umpleby Obituary".Legacy.com.http://www.legacy.com/obituaries/post-tribune/obituary.aspx?pid=175196858.Retrieved 2026-02-23.
- ↑ 6.0 6.1 6.2 6.3 "Caterpillar CEO Jim Umpleby to Present Rose-Hulman Commencement Address".Rose-Hulman Institute of Technology.2018.https://www.rose-hulman.edu/news/2018/Caterpillar-CEO-Jim-Umpleby-to-Present-Rose-Hulman-Commencement-Address.html.Retrieved 2026-02-23.
- ↑ 7.0 7.1 7.2 7.3 7.4 7.5 7.6 7.7 "Who is incoming Caterpillar CEO Jim Umpleby?".Peoria Journal Star.October 17, 2016.http://www.pjstar.com/news/20161017/who-is-incoming-caterpillar-ceo-jim-umpleby.Retrieved 2026-02-23.
- ↑ "Jim Umpleby Biography — Solar Turbines".Solar Turbines / Caterpillar Inc..https://web.archive.org/web/20110708123424/http://mysolar.cat.com/cda/layout?m=35503&x=7.Retrieved 2026-02-23.
- ↑ "Jim Umpleby — Officer Biography".Caterpillar Inc..https://www.caterpillar.com/en/company/governance/officers/jim-umpleby.html.Retrieved 2026-02-23.
- ↑ 10.0 10.1 10.2 "New Caterpillar CEO Focuses on Returns".Barron's.September 15, 2017.https://www.barrons.com/articles/new-caterpillar-ceo-focuses-on-returns-1505476918.Retrieved 2026-02-23.
- ↑ 11.0 11.1 11.2 "Caterpillar: There's a New Sheriff in Town".Barron's.September 2017.http://www.barrons.com/articles/caterpillar-theres-a-new-sheriff-in-town-1505417586.Retrieved 2026-02-23.
- ↑ 12.0 12.1 "Caterpillar CEO Umpleby elected chairman".Reuters.December 13, 2018.https://web.archive.org/web/20181213185309/https://in.reuters.com/article/caterpillar-chairman-idINKBN1OC2EJ.Retrieved 2026-02-23.
- ↑ "Umpleby to retire as Caterpillar chairman".Pit & Quarry.https://www.pitandquarry.com/umpleby-to-retire-as-caterpillar-chairman/.Retrieved 2026-02-23.
- ↑ 14.0 14.1 "Chevron adds Caterpillar CEO to board after Watson exit".Reuters.2018.https://www.reuters.com/article/us-chevron-director/chevron-adds-caterpillar-ceo-to-board-after-watson-exit-idUSKBN1FL5O2.Retrieved 2026-02-23.
- ↑ "Jim Cramer Calls Former Caterpillar CEO Jim Umpleby a "Visionary"".Yahoo Finance.October 31, 2025.https://finance.yahoo.com/news/jim-cramer-calls-former-caterpillar-134119443.html.Retrieved 2026-02-23.
- ↑ "Former Caterpillar CEO Jim Umpleby sells nearly $8 million of company stock".Peoria Journal Star.September 26, 2025.https://www.pjstar.com/story/business/2025/09/26/former-caterpillar-ceo-jim-umpleby-sells-millions-of-dollars-of-shares-in-company/86373459007/.Retrieved 2026-02-23.
- ↑ "Caterpillar's former CEO sells almost $8 million in company stock, although he owns a lot more".WEEK / 25 News Now.September 28, 2025.https://www.25newsnow.com/2025/09/29/caterpillars-former-ceo-sells-almost-8-million-company-stock-although-he-owns-lot-more/.Retrieved 2026-02-23.
- ↑ "Former Caterpillar CEO Jim Umpleby sells more than $8M in company stock".WJBC AM 1230.September 30, 2025.https://www.wjbc.com/2025/09/30/former-caterpillar-ceo-jim-umpleby-sells-more-than-8m-in-company-stock/.Retrieved 2026-02-23.