Summary
Caterpillar Inc. (CAT) announced a change in its Board of Directors. Effective April 14, 2021, directors Juan Gallardo and William A. Osborn resigned from the Board. These resignations were confirmed to be unrelated to any disagreements with the Company, which is a positive indicator for internal stability. Concurrently, Caterpillar elected David W. MacLennan to the Board, effective the same day, and appointed him to the Audit Committee. Mr. MacLennan's compensation will align with the standard director compensation previously disclosed. This addition to the Board, particularly to the Audit Committee, could signal a focus on financial oversight and governance.
Key Highlights
- 1Juan Gallardo and William A. Osborn resigned from the Board of Directors, effective April 14, 2021.
- 2The resignations of Mr. Gallardo and Mr. Osborn were not due to any disagreements with Caterpillar.
- 3David W. MacLennan was elected to the Board of Directors, effective April 14, 2021.
- 4Mr. MacLennan has been appointed as a member of the Audit Committee.
- 5Mr. MacLennan's compensation will be consistent with the company's standard non-employee director compensation.
- 6The filing includes a press release announcing these board changes as an exhibit.