DOW JONES NEWSWIRES
Caterpillar Inc. (CAT), the world's largest builder of
construction equipment, said Monday former U.S. Trade
Representative Susan C. Schwab was elected to its board.
Her term begins in June.
Schwab, 54, was trade representative from 2006 to 2009 and now
is a professor at the University of Maryland School of Public
Policy. She was dean of the school from 1995 to 2003, then
president of the University System of Maryland Foundation before
she joined the Bush administration in 2005.
Schwab also worked in the Commerce Department, was a trade
policy officer at the U.S. Embassy in Tokyo and was a senior aide
to former U.S. Sen. John Danforth, R-Mo. She also worked as
director of business development at Motorola Inc. (MOT).
"She brings an unequalled depth of knowledge, insight and
experience on international trade issues that will be an ideal fit
for Caterpillar's global business model and our long-standing
support of open trade," said Chief Executive Jim Owens.
Amid the deepening U.S. housing and economic slump of the past
two years, Caterpillar relied for growth on overseas sales of its
earth-moving equipment, highly profitable giant machines and
engines for construction, mining and energy-related projects. Sales
outside North America grew to about 60% of revenue.
But as the global economic slowdown intensified, the company in
December said it would let go 800 people at a plant in Illinois
that makes small engines, the first time Caterpillar had cut
workers on a large scale since early this decade. In January, the
company sharply raised its job-cut expectations companywide to
20,000.
Shares recently traded at $33.17, up 2%. The stock has lost a
quarter of its value in 2009.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
Kathy.Shwiff@dowjones.com