PEORIA, Ill., Aug. 18, 2016 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) today announced the following changes:
- Following a distinguished career of more than 35 years with the
company, Gwenne Henricks, currently
vice president with responsibility for the Product Development
& Global Technology Division (PD>), is retiring.
- The company will form a single research, technology and product
development division to deliver high-quality product
differentiation and system integration. Current Advanced Component
& System Division (ACSD) Vice President Jean Savage will lead this newly formed team of
ACSD and PD> employees.
- The manufacturing functions within ACSD will be led by current
ACSD Operations General Manager Steve
Ferguson, who will report directly to Resource Industries
Group President Denise Johnson and
drive lean, cost-competitive component manufacturing
operations.
Henricks has spent the last four years leading the
company's R&D and technology strategies, concluding a
successful 35 years of service to
the company.
"Gwenne has spent her entire career in engineering,
product and business management, which made her the absolute right
advocate and leader to deploy the Enterprise Technology Strategy
and strengthen the global engineering talent
pipeline," said Denise Johnson.
"She is one of the most collaborative leaders who's always focused
on what's best for the enterprise – whether that's defining and
executing on a turnaround plan during her time as Industrial
Power Systems Division vice president or as a critical member of
the Tier 4 emissions rollout across Caterpillar's extensive product
line. I thank Gwenne for her commitment to this company
for more than three decades, and I wish her only the
best in her well-deserved retirement."
Since joining Caterpillar in 1981, Henricks held numerous
product development, management and business leadership
positions with increasing responsibility before being
named vice president with responsibility for
the Electronics and Connected Worksite
Division in 2007. She then became vice president
with responsibility for the Industrial Power Systems
Division before the Board of Directors named her to her most
recent position in 2012.
Henricks has both a bachelor's degree in physics and a
master's degree in electrical engineering from
Bradley University, a master's in
business administration from the University of Illinois and completed the
Managing Engineering Design and Development Program at Carnegie
Bosch Institute, Carnegie Mellon
University.
Savage, who joined Caterpillar subsidiary Progress Rail Services
(PRS) in 2002, has an extensive background in engineering and
manufacturing with PRS, Caterpillar and in the industry for 14
years prior. She also spent nine years in the Army Reserves as
a military intelligence officer. Savage has a bachelor's
degree in electrical and computer engineering from the University of Cincinnati and a master's degree in
engineering management from the University of
Dayton. Her proven leadership and background solidly
position her to bring these two groups together as one new team
focused on evolving Caterpillar's technology and product
development.
"Jean's role in leading the formation and development of this
new organization will be critical in establishing how Caterpillar
accelerates our global research, technology and product development
strategies. Our end goal remains – helping our customers through
the development and delivery of differentiated products," said
Johnson. "The creation of this division will also deliver necessary
efficiencies, which does mean continued and significant workforce
reductions. While difficult, the streamlining at all levels of the
company, including within the officer ranks, is necessary given the
global market environment that is impacting the company's
business."
The organizational changes are effective September 1, 2016. For full bios of
each of the officers, visit http://www.caterpillar.com.
About Caterpillar
For 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 2015 sales and revenues of $47.011 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 - Construction Industries,
Resource 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 and
regional 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
regulations; (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 government investigations; (xxvi) changes in
accounting standards; (xxvii) failure or breach of IT security;
(xxviii) adverse effects of unexpected events including natural
disasters; and (xxix) other factors described in more detail under
"Item 1A. Risk Factors" in our Form 10-K filed with the SEC on
February 16, 2016, for the year ended
December 31, 2015.
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SOURCE Caterpillar Inc.