8-KLeadership ChangesOther EventsExhibits & Filings

CUMMINS INC 8-K Report, Executive Changes (Jun 2, 2008)

Filed June 2, 2008For Securities:CMI

Summary

This 8-K filing by Cummins Inc. (CMI) on June 2, 2008, primarily details significant executive leadership changes within the company. The report announces the upcoming retirement of Joe Loughrey, President and Chief Operating Officer, in March 2009, after 35 years of service. Loughrey will transition to Vice Chairman of the Board effective August 1, 2008, to facilitate a smooth handover. In anticipation of Loughrey's retirement, Tom Linebarger has been appointed as the new President and Chief Operating Officer, effective August 1, 2008. Linebarger brings a strong background, having served as Executive Vice President and previously as Chief Financial Officer and President of the Power Generation Business. Concurrently, Tony Satterthwaite has been promoted to President of the Power Generation Business, succeeding Linebarger in this role. These appointments signal a well-planned succession strategy, aiming to ensure continuity and leverage experienced leadership for future growth.

Key Highlights

  • 1Joe Loughrey, President and COO, announced his retirement effective March 2009, after 35 years with Cummins.
  • 2Joe Loughrey will serve as Vice Chairman of the Board from August 1, 2008, until his retirement.
  • 3Tom Linebarger appointed as the new President and Chief Operating Officer, effective August 1, 2008.
  • 4Linebarger's prior roles include Executive Vice President, CFO, and President of the Power Generation Business.
  • 5Tony Satterthwaite promoted to President of the Power Generation Business, effective immediately.
  • 6Satterthwaite previously served as Vice President of the Generator Set Business.
  • 7The company emphasizes these are planned succession events to ensure leadership continuity.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce significant changes in Cummins Inc.'s executive leadership, specifically the upcoming retirement of its President and Chief Operating Officer, Joe Loughrey, and the subsequent appointments of Tom Linebarger and Tony Satterthwaite to key leadership roles.

Tom Linebarger has been appointed to succeed Joe Loughrey as President and Chief Operating Officer. This change will be effective August 1, 2008.

Joe Loughrey will transition to the role of Vice Chairman of the Board, effective August 1, 2008, and will remain in this position until his full retirement in March 2009. This role is intended to facilitate a smooth leadership transition.

Cummins Inc. has implemented a phased approach. Joe Loughrey will move to a Vice Chairman role before his retirement, providing continuity and mentorship. The appointments of Tom Linebarger and Tony Satterthwaite are described as part of planned succession discussions, indicating a deliberate strategy to prepare key personnel for increased responsibilities.