Summary
Caterpillar Inc. announced a significant leadership transition within its finance department. Effective February 1, 2005, F. Lynn McPheeters, who has served as Vice President and Chief Financial Officer for six years and has had a distinguished 40-year career with the company, will retire. This announcement is accompanied by the election of David B. Burritt, currently Corporate Controller, as a Caterpillar Vice President, effective December 1, 2004. Burritt is slated to succeed McPheeters as CFO and will also lead the Corporate Services Division. The company has also appointed Bradley M. Halverson, Director of Corporate Financial Reporting, to replace Burritt as Corporate Controller.
Key Highlights
- 1F. Lynn McPheeters, Caterpillar's CFO for the past six years, announced his retirement effective February 1, 2005, concluding a 40-year career.
- 2David B. Burritt has been elected Vice President and will assume the role of CFO on December 1, 2004, succeeding McPheeters.
- 3Burritt will also lead Caterpillar's Corporate Services Division.
- 4Bradley M. Halverson has been appointed to succeed David B. Burritt as Corporate Controller.
- 5McPheeters is recognized for his steady financial leadership, integrity, and stewardship of financial systems during a period of rapid change, enhancing Caterpillar's reputation for corporate governance.
- 6Burritt is noted for his leadership in implementing 6 Sigma and the transparent financial reporting initiative, which is a key component of the company's Sarbanes-Oxley compliance.
- 7The company aims for a smooth transition to facilitate 2005 planning.
Frequently Asked Questions
This 8-K filing primarily announces changes in Caterpillar Inc.'s principal officers, specifically the retirement of its Chief Financial Officer and the appointment of his successor.
David B. Burritt, currently the Corporate Controller, will succeed F. Lynn McPheeters as CFO. This transition will occur on December 1, 2004, with McPheeters officially retiring on February 1, 2005, allowing for a handover period.
David B. Burritt has a long tenure at Caterpillar, starting in 1978. He has held various finance and accounting roles, including international assignments. Notably, he led the company's 6 Sigma implementation and introduced a transparent financial reporting initiative crucial for Sarbanes-Oxley compliance. He holds a Bachelor's and Master's degree in Accounting and Business Administration, respectively.
Caterpillar has planned for a phased transition, with the successor, David B. Burritt, taking on the CFO role on December 1, 2004, while the retiring CFO, F. Lynn McPheeters, officially retires on February 1, 2005. This provides a two-month overlap for knowledge transfer and planning for the upcoming fiscal year.