NGG National Grid Plc New

By Allison Prang 

Caterpillar Inc. has named an executive from a U.K. multinational utility company as its new chief financial officer.

The maker of bulldozers, mining trucks and other equipment said Friday that its board selected Andrew Bonfield, CFO at National Grid PLC, to become its finance chief. Mr. Bonfield is expected to join Caterpillar in September. Caterpillar finance chief Brad Halverson's retirement is effective as of Friday.

Meanwhile, Joe Creed, the vice president of Caterpillar's finance services division, will serve as interim CFO for Caterpillar effective immediately, the company said.

Caterpillar said last August that Mr. Halverson was retiring early in 2018. He started at the company in 1988 and became CFO in 2013.

Mr. Bonfield was formerly CFO at British confectionery company Cadbury PLC and was also CFO for Bristol-Myers Squibb Co.

Caterpillar said in a securities filing that Mr. Bonfield, 55 years old, will earn a salary of $800,000 a year. He will also get a cash signing bonus of the same amount and $5.36 million worth of restricted stock.

National Grid said that Mr. Bonfield will leave the company July 30.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

May 04, 2018 09:09 ET (13:09 GMT)

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