Caterpillar Inc. (NYSE: CAT) today announced the following changes:
Steve Niehaus, currently vice president with responsibility for the Electric Power Division (EPD), is retiring.
Following Niehaus’ retirement, the company will consolidate the Electric Power and Marine & Petroleum Power Divisions (MPPD) into the new Electric Power, Marine and O&G Division (EPMOG), led by current MPPD Vice President Tom Frake.
Niehaus has elected to retire after 27 years of outstanding service with the company, including the last three as vice president with responsibility for EPD.
“Much of Steve’s career has been spent in marketing and commercial engines, and in his most recent position, he has provided critical leadership in strengthening and aggressively growing Caterpillar’s electric power business,” said Jim Umpleby, Caterpillar group president with responsibility for Energy and Transportation. “He has lived all over the world helping our customers and employees develop and grow – from Saudia Arabia to Brazil to Singapore and throughout the United States. I’m grateful to Steve for his many contributions to Caterpillar and wish him well in retirement.”
Since joining Caterpillar in 1989 as a marketing trainee, Niehaus has held numerous positions in the commercial engine businesses, large engine center marketing and Solar Turbines. In 2013, he was named vice president of EPD.
He graduated from the University of Iowa with a bachelor’s degree in Business Administration and also completed the Digging Deep Program with the Stanford University Graduate School of Business.
Frake, a 30-year veteran of Caterpillar, has a broad marketing and product background. He has led MPPD since 2012, which provides a solid foundation for the newly formed EPMOG.
“We continue to focus on our customers’ success with leading and innovative products, services and solutions, while also reducing costs in this challenging environment,” said Caterpillar Chairman & CEO Doug Oberhelman. “Consolidating these energy operations along with the recently announced integration of two divisions within Customer & Dealer Support will bring efficiencies and a streamlined leadership team. With these changes, we will have reduced executive leadership by 13 percent since 2013.”
The changes are effective June 1, 2016.
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.
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