Caterpillar realigns executive structure |
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Sun, 14 Oct 2007 20:53
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PEORIA, Ill. (AP) - Heavy equipment maker Caterpillar Inc. said Friday it will realign its executive structure and will now have six group presidents reporting directly to Chairman and Chief Executive Jim Owens.Caterpillar also said group president Gerry Shaheen will retire on Feb. 1 after 40 years with the company. Vice President Bill Mayo will also retire on that date, and will be replaced by Jim Parker. Parker is currently a vice president with administrative responsibility for Caterpillar's Power Systems & OEM Solutions division. Parker's move will be effective Dec. 1.Concurrently, Rich Lavin and Ed Rapp have been appointed as group presidents, effective Dec. 1.Lavin joined the company in 1984 and has been the vice president of human resources since 2001. Rapp was a vice president in the Europe-Africa-Middle East marketing division since 2004, and first joined Caterpillar in 1979.Mary Bell will replace Rapp, while Steve Larson has been tapped to replace Bell as a logistics division vice president.Tom Bluth was appointed vice president for Asia Pacific Manufacturing Operations, and Richard Case was named vice president of the company's new Marine and Petroleum Power division. Bluth is currently managing director of Caterpillar France. Case is marketing manager for the North American Commercial division.Caterpillar shares rose 37 cents to $79.81 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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