Cummins Inc. (NYSE: CMI) announced today its Board of Directors
has unanimously elected Cummins President and Chief Executive
Officer (CEO) Jennifer Rumsey to Chair of the company’s Board of
Directors, effective August 1, 2023. Rumsey succeeds Tom
Linebarger, who is retiring from both of his Cummins positions as
Executive Chairman and Chairman of the Board, effective July 31,
2023.
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Jennifer Rumsey (Photo: Business
Wire)
Rumsey was first appointed to the Cummins Board of Directors in
February 2022 and has served as President and CEO of the company
since August 2022. She has held numerous pivotal roles within the
company during her more than two decades with Cummins, including
Chief Technical Officer, President of the Components business and
Chief Operating Officer. The combined roles of Chair and CEO will
position Rumsey to continue leading the company into the future,
leveraging her technical expertise, deep understanding of Cummins’
business and powering customers’ success throughout the energy
transition.
“Jennifer’s appointment as Chair comes at a pivotal time for
Cummins and the entire industry,” said Linebarger. “Her strategic
vision for Cummins, centered on delivering solutions that meet our
customers' needs while reducing our impact on the environment, will
help lead our company in the transition to a decarbonized future.
On a personal note, I am filled with immense pride and gratitude
for the privilege of being part of this remarkable company for the
past 30 years. I am delighted to pass this role to Jennifer and
firmly believe that she is the ideal leader to guide Cummins at
this important time.”
“I am deeply humbled to assume the role of Chair,” said Rumsey.
“I would like to extend my sincere gratitude to Tom who has been an
extraordinary leader for this company and an invaluable colleague
and mentor to me. His leadership of this company has shaped my
journey and approach to leadership at Cummins and helped position
us for a bright future. As we look ahead, we will continue to
create innovative solutions that effectively address our customers’
needs while making a positive impact on the communities we serve.
When I became CEO one year ago, I said that we would continue to
put people at the center of everything we do, and I am proud to say
that our dedicated employees continue to work tirelessly to ensure
we remain on course for our ambitious goals as a company. At the
top of that list is our commitment to Destination Zero, our
strategy to achieve a zero-emissions future, power our customers’
success, grow our business and deliver strong returns to our
investors.”
Linebarger served as Cummins’ Chairman and CEO from 2012 to 2022
and as Executive Chairman of the company for the past year. During
his 10-year tenure, the company grew its revenue from $17.3 billion
to a record $28.1 billion last year. Linebarger spearheaded the
evolution of the company to ensure its continued industry
leadership, including the formation of Accelera by Cummins, the
company’s zero-emissions solutions business segment, and the
broadening of its product portfolio through notable mergers and
acquisitions including the largest-ever in the Cummins’ history
with the acquisition of Meritor. Across the cycles, he continued to
invest significantly in employee development and wellbeing, leaving
behind a highly capable group of diverse leaders. The transition
announced today is consistent with the Board’s succession planning
and commitment to effective leadership at all levels.
A co-architect of Destination Zero, Rumsey has significantly
advanced the company’s decarbonization strategy in her first year
as CEO while garnering three consecutive quarterly revenue records
in late 2022 and early 2023. During this time, Cummins has
continued to grow its core business with the acquisition of
Meritor, accelerating the development of economically viable
decarbonized powertrain solutions including the industry’s first
fuel agnostic powertrain platform, enhancing the sales and service
network and expanding customer relationships.
Simultaneously, Cummins has progressed the development of
innovative, zero-emissions solutions, rebranding that business unit
and sending a clear signal to customers, employees, prospective
talent and policy makers that the company is committed to leading
in zero-emission technologies. In 2022, Cummins invested $1.2
billion in research and development to drive innovation and growth
across the business, while delivering strong returns to
shareholders. Fulfilling her commitment to keeping people at the
center, Rumsey has forged new partnerships with key customers and
led an effort to reconnect employees with Cummins leaders and the
Destination Zero strategy following the COVID-19 pandemic.
“On behalf of the Cummins Board of Directors, I want to express
our deep gratitude to Tom for his leadership of Cummins over the
past three decades,” said Tom Lynch, Lead Director, Cummins Board.
“His commitment to Cummins led to tremendous growth and returns for
the company. Equally, I am thrilled to have Jennifer join as Chair
of the Cummins Board of Directors. She has demonstrated the
leadership needed for Cummins’ continued growth and success. In her
first year, she delivered record revenues and moved us forward on
critical initiatives. Jennifer has the deep technical understanding
needed to lead us successfully through the decarbonization journey
and a clear ability to lead and develop people. We are all
confident that Jennifer will help Cummins continue to
flourish.”
Rumsey is a Columbus, Indiana (USA), native and member of the
Society of Women Engineers, Society of Automotive Engineers and
Women in Trucking Association. She holds a Bachelor of Science in
Mechanical Engineering from Purdue University and a Master of
Science in Mechanical Engineering from Massachusetts Institute of
Technology. Throughout her career, she has been an advocate for
diversity, equity and inclusion and women in STEM fields. She
resides in Columbus with her husband and has two college-age
daughters.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of
complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions. The
company’s products range from diesel, natural gas, electric and
hybrid powertrains and powertrain-related components including
filtration, aftertreatment, turbochargers, fuel systems, controls
systems, air handling systems, automated transmissions, axles,
drivelines, brakes, suspension systems, electric power generation
systems, batteries, electrified power systems, electric
powertrains, hydrogen production and fuel cell products.
Headquartered in Columbus, Indiana (U.S.), since its founding in
1919, Cummins employs approximately 73,600 people committed to
powering a more prosperous world through three global corporate
responsibility priorities critical to healthy communities:
education, environment and equality of opportunity. Cummins serves
its customers online, through a network of company-owned and
independent distributor locations, and through thousands of dealer
locations worldwide and earned about $2.2 billion on sales of $28.1
billion in 2022.
Forward-looking disclosure statement
Information provided in this release that is not purely
historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements regarding our forecasts, guidance, preliminary results,
expectations, hopes, beliefs and intentions on strategies regarding
the future. These forward-looking statements include, without
limitation, statements relating to our plans and expectations for
our revenues and EBITDA. Our actual future results could differ
materially from those projected in such forward-looking statements
because of a number of factors, including, but not limited to: any
adverse results of our internal review into our emissions
certification process and compliance with emission standards;
increased scrutiny from regulatory agencies, as well as
unpredictability in the adoption, implementation and enforcement of
emission standards around the world; changes in international,
national and regional trade laws, regulations and policies; changes
in taxation; global legal and ethical compliance costs and risks;
evolving environmental and climate change legislation and
regulatory initiatives; future bans or limitations on the use of
diesel-powered products; failure to successfully integrate and/or
failure to fully realize all of the anticipated benefits of the
acquisition of Meritor, Inc.; raw material, transportation and
labor price fluctuations and supply shortages; any adverse effects
of the conflict between Russia and Ukraine and the global response
(including government bans or restrictions on doing business in
Russia); aligning our capacity and production with our demand; the
actions of, and income from, joint ventures and other investees
that we do not directly control; large truck manufacturers' and
original equipment manufacturers' customers discontinuing
outsourcing their engine supply needs or experiencing financial
distress, or change in control; product recalls; variability in
material and commodity costs; the development of new technologies
that reduce demand for our current products and services; lower
than expected acceptance of new or existing products or services;
product liability claims; our sales mix of products; failure to
complete, adverse results from or failure to realize the expected
benefits of the separation of our filtration business; our plan to
reposition our portfolio of product offerings through exploration
of strategic acquisitions and divestitures and related
uncertainties of entering such transactions; increasing interest
rates; challenging markets for talent and ability to attract,
develop and retain key personnel; climate change, global warming,
more stringent climate change regulations, accords, mitigation
efforts, greenhouse gas (GHG) regulations or other legislation
designed to address climate change; exposure to potential security
breaches or other disruptions to our information technology
environment and data security; political, economic and other risks
from operations in numerous countries including political, economic
and social uncertainty and the evolving globalization of our
business; competitor activity; increasing competition, including
increased global competition among our customers in emerging
markets; failure to meet environmental, social and governance (ESG)
expectations or standards, or achieve our ESG goals; labor
relations or work stoppages; foreign currency exchange rate
changes; the performance of our pension plan assets and volatility
of discount rates; the price and availability of energy; continued
availability of financing, financial instruments and financial
resources in the amounts, at the times and on the terms required to
support our future business; and other risks detailed from time to
time in our SEC filings, including particularly in the Risk Factors
section of our 2022 Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating
the forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the SEC, which are available at http://www.sec.gov or at
http://www.cummins.com in the Investor Relations section of our
website.
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version on businesswire.com: https://www.businesswire.com/news/home/20230712471619/en/
Jon Mills – Director, External Communications 317-658-4540
jon.mills@cummins.com
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