Summary
Caterpillar Inc. (CAT) announced a change in its Board of Directors. Edward Rust will not stand for re-election at the upcoming annual shareholder meeting, a decision that the company states is not due to any disagreement. The Board expressed gratitude for Mr. Rust's service. In addition, the company has appointed two new directors, Judith Marks and James Fish, Jr., effective March 1, 2023. Both will serve on the Audit Committee, with Ms. Marks also joining the Compensation and Human Resources Committee and Mr. Fish joining the Sustainability & other Public Policy Committee. Their compensation will align with the standard director compensation outlined in the company's most recent proxy statement.
Key Highlights
- 1Edward Rust, a director, will not seek re-election at the 2023 Annual Meeting of Shareholders.
- 2Mr. Rust's departure is amicable and not due to any disagreement with Caterpillar.
- 3Judith Marks has been appointed as a new director, effective March 1, 2023.
- 4James Fish, Jr. has been appointed as a new director, effective March 1, 2023.
- 5Both new directors will serve on the Audit Committee.
- 6Ms. Marks will also serve on the Compensation and Human Resources Committee.
- 7Mr. Fish will also serve on the Sustainability & other Public Policy Committee.