PEORIA, Ill., Dec. 11, 2014 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) today announced the following officer changes
effective January 1, 2015:
- Julie Lagacy will become the
company's Chief Information Officer and vice president with
responsibility for the Global Information Services Division;
- Mike DeWalt will become vice
president with responsibility for the Finance Services Division;
and
- Doug Hoerr has been appointed as
vice president with responsibility for the Strategic Services
Division.
New Responsibilities for Julie
Lagacy
Caterpillar's Board of Directors has appointed
Julie Lagacy, a 26-year veteran of
the company and currently vice president with responsibility for
the Finance Services Division (FSD), as Chief Information Officer
(CIO) and vice president with responsibility for the Global
Information Services Division (GIS). In addition to leading FSD,
earlier this year Lagacy assumed leadership of GIS following the
departure of the former Chief Information Officer. She will
continue to report to Brad
Halverson, group president and Chief Financial Officer, and
will also retain the Business Systems Transformation (BST)
group.
"Julie has done a tremendous job managing two key roles within
the company since June, demonstrating her leadership ability," said
Halverson. "In addition to her strong financial acumen, strategic
management style and her commitment to leading with integrity, she
understands how to partner with our businesses throughout the
company, which is important in a complex, global business like
ours. She will build on the foundation she and her team have laid
to carry forward the mission of transforming Caterpillar's
information technology into a real competitive advantage."
After joining Caterpillar in 1988 as a pricing analyst, Lagacy
held a number of pricing positions with increasing responsibilities
and gained leadership experience across multiple functions,
including positions as a product manager, commercial manager and
human resources manager. She was the CFO of the mining business and
became vice president with responsibility for FSD in 2013. Julie
earned dual bachelor's degrees in economics and management from
Illinois State University and has a
master's degree in business administration from Bradley University. She is also a certified
management accountant.
New Responsibilities for Mike
DeWalt
Following the announcement that Lagacy will
assume the GIS and CIO role, Caterpillar's Board of Directors
appointed Mike DeWalt as vice
president with responsibility for the Finance Services Division
(FSD). DeWalt, whose career has spanned nearly 34 years with
Caterpillar, was previously the vice president with responsibility
for the Strategic Services Division. Under his leadership, FSD will
include Corporate Accounting, Corporate Tax, Corporate Treasury and
the Investor Relations group. Mike will continue to report to
Brad Halverson, group president and
Chief Financial Officer.
"Mike has a deep background in Caterpillar's accounting, finance
and M&A functions. He worked on several key acquisitions and
was the business manager of two of our large European businesses.
He was the first leader of our Strategic Investments Group, was the
voice of Caterpillar to investors as the director of Investor
Relations, was the corporate controller and, most recently, was the
vice president of our Strategic Services Division. This wealth of
experience and deep understanding of our business make him a great
fit to lead FSD," said Halverson.
DeWalt joined Caterpillar in 1981 as an accountant followed by a
series of positions with increasing responsibilities in accounting
and finance areas. From 1996-2001, DeWalt was the senior finance
leader for F.G. Wilson in
Northern Ireland and Perkins
Engine Company in Peterborough, UK
– both wholly owned subsidiaries of Caterpillar. Following those
assignments, he was named director of Strategic Investments,
leading Caterpillar's corporate mergers and acquisitions group, and
was the director of Investor Relations from 2005-2012. In 2012,
DeWalt became the corporate controller, and in 2013, he was
appointed a vice president with responsibility for the Strategic
Services Division. DeWalt has a bachelor's degree in accounting
from Illinois State University.
Doug Hoerr Appointed as Vice President
Following
DeWalt's move to FSD, Caterpillar's Board of Directors has
appointed Doug Hoerr as a new vice
president with responsibility for the Strategic Services Division
(SSD), reporting to Halverson. Under Hoerr's leadership, SSD will
include Strategic Planning, Mergers & Acquisitions (M&A),
Economics, Business Risk Management, Revenue Management and
Competitive Analysis.
"Doug is a strong leader and brings broad financial background
to the Strategic Services Division. In addition to his background
as a business manager in several of our businesses, Doug has worked
on several important acquisitions and divestitures. He has a
reputation at Caterpillar of working with business partners across
the company to get things done and his experience with our Customer
& Dealer organizations will add an important dimension for the
Strategic Services Division," said Halverson. "Doug will be leading
the strategic planning process, including growth strategies and
M&A. His background of financial leadership, collaboration on
joint venture projects and experience in startup manufacturing
operations will all serve him well in his new role."
Hoerr began his 21-year career with Caterpillar in accounting.
He held several accounting and business analysis roles throughout
the company, including senior leadership positions in Caterpillar's
engines business. He served as the senior business manager for
Large Power Systems & Growth Markets, and in 2012, was named
CFO for the Customer & Dealer Support group. Hoerr holds a
bachelor's degree in accounting from the University of Illinois. He is also a certified
public accountant.
About Caterpillar
For nearly 90 years, Caterpillar Inc. has been making sustainable
progress possible and driving positive change on every continent.
Customers turn to Caterpillar to help them develop infrastructure,
energy and natural resource assets. With 2013 sales and revenues of
$55.656 billion, Caterpillar is the
world's leading manufacturer of construction and mining equipment,
diesel and natural gas engines, industrial gas turbines and
diesel-electric locomotives. The company principally operates
through its three product segments - Resource Industries,
Construction Industries and Energy & Transportation - and also
provides financing and related services through its Financial
Products segment. For more information, visit caterpillar.com. To
connect with us on social media, visit
caterpillar.com/social-media.
Forward-Looking Statements
Certain statements in this
press release relate to future events and expectations and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "believe,"
"estimate," "will be," "will," "would," "expect," "anticipate,"
"plan," "project," "intend," "could," "should" or other similar
words or expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance,
and we do not undertake to update our forward-looking
statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global
economic conditions and economic conditions in the industries we
serve; (ii) government monetary or fiscal policies and
infrastructure spending; (iii) commodity price changes, component
price increases, fluctuations in demand for our products or
significant shortages of component products; (iv) disruptions or
volatility in global financial markets limiting our sources of
liquidity or the liquidity of our customers, dealers and suppliers;
(v) political and economic risks, commercial instability and events
beyond our control in the countries in which we operate; (vi)
failure to maintain our credit ratings and potential resulting
increases to our cost of borrowing and adverse effects on our cost
of funds, liquidity, competitive position and access to capital
markets; (vii) our Financial Products segment's risks associated
with the financial services industry; (viii) changes in interest
rates or market liquidity conditions; (ix) an increase in
delinquencies, repossessions or net losses of Cat Financial's
customers; (x) new regulations or changes in financial services
regulations; (xi) a failure to realize, or a delay in realizing,
all of the anticipated benefits of our acquisitions, joint ventures
or divestitures; (xii) international trade policies and their
impact on demand for our products and our competitive position;
(xiii) our ability to develop, produce and market quality products
that meet our customers' needs; (xiv) the impact of the highly
competitive environment in which we operate on our sales and
pricing; (xv) failure to realize all of the anticipated benefits
from initiatives to increase our productivity, efficiency and cash
flow and to reduce costs; (xvi) additional restructuring costs or a
failure to realize anticipated savings or benefits from past or
future cost reduction actions; (xvii) inventory management
decisions and sourcing practices of our dealers and our OEM
customers; (xviii) compliance with environmental laws and
regulation; (xix) alleged or actual violations of trade or
anti-corruption laws and regulations; (xx) additional tax expense
or exposure; (xxi) currency fluctuations; (xxii) our or Cat
Financial's compliance with financial covenants; (xxiii) increased
pension plan funding obligations; (xxiv) union disputes or other
employee relations issues; (xxv) significant legal proceedings,
claims, lawsuits or investigations; (xxvi) compliance requirements
imposed if additional carbon emissions legislation and/or
regulations are adopted; (xxvii) changes in accounting standards;
(xxviii) failure or breach of IT security; (xxix) adverse effects
of unexpected events including natural disasters; and (xxx) other
factors described in more detail under "Item 1A. Risk Factors" in
our Form 10-K filed with the SEC on February
18, 2014, for the year ended December
31, 2013, and in our Form 10-Q filed with the SEC on
August 1, 2014, for the quarter ended
June 30, 2014.
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SOURCE Caterpillar Inc.