Caterpillar reveals VP retirements, appointments

In light of the retirement of two long-serving vice presidents, Caterpillar’s board of directors appointed three new vice presidents.

Kent Adams, president and CEO of Caterpillar Financial Services Corp. and vice president of the company’s financial products division, decided to retire.

Adams joined the company in 1979 and performed a number of finance functions in positions of increasing leadership at Caterpillar Americas Co.’s North American commercial division, Caterpillar Asia and Caterpillar Brazil before joining Cat Financial in Nashville, Tennessee, in 1998, as vice president responsible for European operations and marine vessel finance.

“Under Kent’s guidance since 2005, Cat Financial has been a stable source of earnings through challenging business cycles, including the global financial crisis,” says Jim Umpleby, Caterpillar CEO-elect. “Kent leaves a lasting legacy for Caterpillar through his relentless focus on improving the customer experience as well as developing and nurturing a people-focused culture for employees working for Cat Financial.”

In addition, Mike DeWalt, vice president of Cat’s finance services division, has elected to retire. DeWalt joined the company in 1981 as an accountant and progressed to a series of positions with increasing responsibilities in accounting and finance areas, the company says.

“For more than 10 years, Mike has been the trusted face and voice of Caterpillar for the investment community, leading our investor relations group with a steady hand and a deep knowledge of every part of the company’s global operations and the markets we serve,” Umpleby says. “Mike has provided effective leadership for a number of financial activities, including corporate treasury, economics, business risk management, competitive analysis, strategic planning and strategic investments.”

Caterpillar appointed Joe Creed, its current chief financial officer for energy and transportation, to replace DeWalt as vice president of the finance services division. It also appointed Zack Kauk as vice president of its excavation division and Dave Walton as president and CEO of Caterpillar Financial Services Corp. and vice president of its financial products division.

In addition to these changes, the company also appointed Jill Daugherty, its current corporate controller, as chief audit officer, and Kyle Epley, current chief financial officer for customer and dealer support, as corporate controller.

The company also announced a number of changes to its executive ranks. Read about them here.