("Cummins CFO Take Reins From Retiring Chairman, CEO Solso," at 4:57 p.m. EDT, misstated the successor's current title in the headline. The correct version follows:)
Cummins Inc. (CMI) is promoting President and Chief Operating Officer Tom Linebarger to chief executive when current Chairman and CEO Tim Solso retires at the start of next year.
Solso, a 40-year veteran of the maker of truck engines and power-generation systems, said Cummins will continue to focus "on profitable growth, providing better products and services for customers and maintaining a strong commitment to the environment and the communities where we do business." He has been chairman and chief since 2000.
Linebarger has worked at Cummins for 17 years. Lead Director Alexis Herman described him as "an individual who shares the same qualities of leadership and commitment to Cummins's values as his predecessors." He highlighted Linebarger's extensive experience with the operational and financial facets of the company.
Cummin's operations have been improving recently, helped by demand in emerging markets. In its latest quarterly results, it said continued strength in key international markets as well as a recovery in North American trucks help profit to more than double.
Shares were up 0.3% at $103.58 in after-hours trading. Through the close, the stock had fallen 6.1% so far this year, while the wider market has gained.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; email@example.com