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Caterpillar (CAT), has made a major change in the company’s leadership.
Amid global uncertainty because of tariffs and a falling stock price, construction giant Caterpillar on Tuesday announced that Chief Executive Officer Jim Umpleby will become executive chairman of its board on May 1 after eight years at the helm.
Joe Creed (COO), a Caterpillar veteran of 28 years, will replace Umpleby in the role of CEO. Creed is also joining the board as of May 1.
Caterpillar’s shares are a good indicator of economic growth. In 2025, shares of Caterpillar were down 18% on Tuesday amid widespread uncertainty after President Donald Trump’s “reciprocal tariffs”.
Caterpillar’s shares, a Dow component that was little changed, just a tad higher, before the opening bell. Wall Street analysts have a mean price target of around $364 on the shares, representing a more-than-20% premium to yesterday's close.
