Judith Marks and James Fish, Jr. to Join the Board; Thanks to
Edward Rust for Service
IRVING,
Texas, Feb. 1, 2023 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) today announced that Judith (Judy) Marks, Chair, CEO and President of
Otis Worldwide Corporation, and James (Jim)
Fish, Jr., President and CEO of Waste Management (WM), have
been appointed to the Caterpillar board of directors, effective
March 1, 2023.
Marks will serve on Caterpillar's Audit Committee and
Compensation and Human Resources Committee. Fish will serve on
Caterpillar's Audit Committee and Sustainability & other Public
Policy Committee. The company also announced that Edward (Ed) Rust will not stand for re-election
at the 2023 Annual Shareholder Meeting.
"We are pleased to welcome leaders of such high caliber to our
board," said Caterpillar Chairman and CEO Jim Umpleby. "With Judy's leadership of services
growth and digital transformation at Otis, and Jim's leadership in
developing sustainable solutions that support the transition to a
lower-carbon economy, Caterpillar is well positioned to help our
customers build a better, more sustainable world and deliver
long-term profitable growth."
Marks, 59, has led Otis, the world's leading company for
elevator and escalator manufacturing, installation and service, as
President since 2017 and was named CEO in 2019. She has served as a
director of Otis since 2020 and was appointed as Chair in 2022. In
April 2020, Marks led the successful
spin of Otis to an independent publicly traded company.
Additionally, Marks prioritized and advanced Otis' sustainability
program by embedding it into the company strategy as a key element
to drive added value for all stakeholders. Prior to joining Otis,
she held senior leadership roles at Siemens AG, Lockheed Martin and
IBM. In addition to serving on the Otis board, Marks is on the
AdvanceCT board and is a member of the Business Roundtable and
Chair of its Trade and International Committee.
Fish, 60, has served as President, CEO and a member of the board
of WM, North America's largest
comprehensive waste management environmental solutions provider,
since 2016. Since assuming the role of CEO, Fish has shifted the
company's sustainability strategy to focus on minimizing its
environmental impact by reducing carbon emissions, investing in
differentiated innovative technologies and automation, and
expanding recycling and renewable energy infrastructure to help
customers achieve their sustainability goals. Prior to this role,
he served as the company's CFO beginning in 2012, and held several
other key leadership positions since joining the company in 2001.
Before his career at WM, Fish held multiple senior leadership
positions at Westex, Trans World Airlines and America West
Airlines. He began his professional career at KPMG Peat
Marwick.
Rust, 72, has been a Caterpillar director since 2003 and is the
retired Chairman and CEO of State Farm Mutual Automobile Insurance
Company. He also previously served as Caterpillar's presiding
director and chaired its Public Policy and Governance
Committee.
"On behalf of the entire board, I want to thank Ed for his
leadership and guidance over the past 20 years," said Umpleby.
"Ed's extensive business experience were of extreme value to our
team."
Following the 2023 Annual Shareholder Meeting, the Caterpillar
board will be comprised of 11 directors, 10 of whom are
independent.
About Caterpillar
With 2022 sales and revenues of
$59.4 billion, Caterpillar Inc. is
the world's leading manufacturer of construction and mining
equipment, off-highway diesel and natural gas engines, industrial
gas turbines and diesel-electric locomotives. For nearly 100 years,
we've been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the conversation
on our social media channels at
caterpillar.com/en/news/social-media.html.
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," "forecast," "target," "guide," "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 speak only as of the date they
are made, 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 and
regional economic conditions and economic conditions in the
industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xi) union disputes or other
employee relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global financial
markets limiting our sources of liquidity or the liquidity of our
customers, dealers and suppliers; (xiv) 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; (xv) our
Financial Products segment's risks associated with the financial
services industry; (xvi) changes in interest rates or market
liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (xviii)
currency fluctuations; (xix) our or Cat Financial's compliance with
financial and other restrictive covenants in debt agreements; (xx)
increased pension plan funding obligations; (xxi) alleged or actual
violations of trade or anti-corruption laws and regulations; (xxii)
additional tax expense or exposure, including the impact of U.S.
tax reform; (xxiii) significant legal proceedings, claims, lawsuits
or government investigations; (xxiv) new regulations or changes in
financial services regulations; (xxv) compliance with environmental
laws and regulations; (xxvi) the duration and geographic spread of,
business disruptions caused by, and the overall global economic
impact of, the COVID-19 pandemic; and (xxvii) other factors
described in more detail in Caterpillar's Forms 10-Q, 10-K and
other filings with the Securities and Exchange Commission.
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SOURCE Caterpillar Inc.