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.