Summary
Caterpillar Inc. (CAT) announced on December 10, 2004, the upcoming retirement of Vice President and President of Caterpillar Financial Services Corporation (Cat Financial), James S. Beard, effective March 1, 2005. Mr. Beard has had a distinguished 40-year career with the company, notably playing a key role in the formation and growth of Cat Financial into a major global financing organization. His tenure saw significant expansion of services and support for Caterpillar's machinery and engine sales worldwide. In connection with Mr. Beard's retirement, the Board of Directors has appointed Kent M. Adams, currently executive vice president of Cat Financial, to succeed him as vice president of the Financial Products Division. Mr. Adams brings extensive experience from various international roles and his leadership in North America operations at Cat Financial. This leadership transition is positioned to ensure continued profitable growth and innovation within Caterpillar's financial services arm.
Key Highlights
- 1Retirement of Vice President James S. Beard, President of Caterpillar Financial Services Corporation (Cat Financial), effective March 1, 2005.
- 2Mr. Beard's 40-year career at Caterpillar included founding and leading Cat Financial to become a major global captive financing organization.
- 3Appointment of Kent M. Adams as the successor to Mr. Beard, effective upon his retirement.
- 4Mr. Adams currently serves as Executive Vice President of North America Operations for Cat Financial and has a strong international background.
- 5The transition is expected to maintain profitable growth and innovation within the Financial Products Division.
- 6Caterpillar Financial Services Corporation was recognized with the 2003 Malcolm Baldrige National Quality Award (U.S.).