8-KLeadership Changes

CATERPILLAR INC 8-K Report, Executive Changes (Dec 10, 2004)

Filed December 10, 2004For Securities:CAT

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.).

Frequently Asked Questions

This 8-K filing is primarily to announce the retirement of a key executive, James S. Beard, Vice President and President of Caterpillar Financial Services Corporation, and the appointment of his successor, Kent M. Adams.

Kent M. Adams, who is currently the Executive Vice President of North America Operations for Caterpillar Financial Services Corporation, has been appointed to succeed Mr. Beard as Vice President of the Financial Products Division.

Mr. Beard's retirement will be effective March 1, 2005.

The Malcolm Baldrige National Quality Award is the nation's premier tribute for performance excellence and quality achievement. Its recognition of Cat Financial in 2003 highlights the division's strong operational performance and commitment to quality under Mr. Beard's leadership.