DEERFIELD, Ill., April 16, 2021 /PRNewswire/ -- Caterpillar Inc.
(NYSE: CAT) is announcing the retirement of two long-time members
of the board of directors, Juan
Gallardo and William (Bill)
Osborn. The company also announces the election of Cargill
Board Chair and Chief Executive Officer (CEO) David MacLennan to the board. All changes were
effective April 14, 2021.
Gallardo, 73, is the Chairman of Organización CULTIBA, S.A.B. de
C.V. where he retired as CEO in 2016. He was elected to the
Caterpillar board of directors in 1998. Gallardo served on
Caterpillar's Public Policy and Governance Committee.
"Working alongside Juan has been a privilege," said Caterpillar
Chairman and CEO Jim Umpleby. "His
international business expertise and active engagement in
trade-related issues have greatly benefited Caterpillar. On behalf
of the entire board, I thank Juan for his exemplary service."
Osborn, 73, is the former Chairman and CEO of Northern Trust
Corporation and The Northern Trust Company. He was elected to the
Caterpillar board of directors in 2000. Osborn was most recently a
member of the Audit Committee, which he chaired for many years. He
also previously chaired the Compensation Committee.
"Bill's two decades of service to Caterpillar have proven
invaluable," said Umpleby. "He leveraged his leadership experience
to provide insightful guidance regarding strategy and governance.
The Caterpillar board thanks Bill for his outstanding service."
MacLennan, 61, has been CEO of Cargill since 2013 and Board
Chair since 2015. He began his Cargill career in 1991 and served in
several positions of increasing responsibility before becoming
Chief Financial Officer in 2008 and Chief Operating Officer in
2011. MacLennan serves on the boards of Ecolab, the Minnesota
Business Partnership and the Board of Trustees of Amherst College.
"The Caterpillar board will benefit from Dave's leadership
experience as CEO of Cargill, a global business with more than
155,000 employees in 70 countries. I look forward to serving with
him," said Umpleby.
MacLennan joins 10 other members on Caterpillar's board of
directors and will serve on the Audit Committee.
About Caterpillar
With 2020 sales and revenues of
$41.7 billion, Caterpillar Inc. is
the world's leading manufacturer of construction and mining
equipment, diesel and natural gas engines, industrial gas turbines,
and diesel-electric locomotives. Since 1925, we've been driving
sustainable progress and helping customers build a better world
through innovative products and services. Throughout the product
life cycle, we offer services built on cutting-edge technology and
decades of product expertise. These products and services, backed
by our global dealer network, provide exceptional value to help our
customers succeed. We do business on every continent, principally
operating through three primary segments – Construction Industries,
Resource Industries, and Energy & Transportation – and
providing financing and related services through our Financial
Products segment. Visit us at caterpillar.com or join the
conversation on our social media channels at
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," "forecast," "target," "guide," "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 speak only as of the date they
are made, 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) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xi) union disputes or other
employee relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global financial
markets limiting our sources of liquidity or the liquidity of our
customers, dealers and suppliers; (xiv) 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; (xv) our
Financial Products segment's risks associated with the financial
services industry; (xvi) changes in interest rates or market
liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (xviii)
currency fluctuations; (xix) our or Cat Financial's compliance with
financial and other restrictive covenants in debt agreements; (xx)
increased pension plan funding obligations; (xxi) alleged or actual
violations of trade or anti-corruption laws and regulations; (xxii)
additional tax expense or exposure, including the impact of U.S.
tax reform; (xxiii) significant legal proceedings, claims, lawsuits
or government investigations; (xxiv) new regulations or changes in
financial services regulations; (xxv) compliance with environmental
laws and regulations; (xxvi) the duration and geographic spread of,
business disruptions caused by, and the overall global economic
impact of, the COVID-19 pandemic; and (xxvii) other factors
described in more detail in Caterpillar's Forms 10-Q, 10-K and
other filings with the Securities and Exchange Commission.
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SOURCE Caterpillar Inc.