Caterpillar has announced that Douglas Oberhelman will take over as CEO of the company following the retirement of James Owens, 63, on July 1, 2010.


Oberhelman, who currently serves as group president of Caterpillar, will be responsible for managing the leadership transition and updating the company's strategy.

"Jim informed us in 2008 that he was planning to retire in the fall of 2010 and has worked extensively with the Governance Committee and the Board of Directors over the last 12 months to develop a succession plan to smoothly transition the company into its next phase of executive leadership and to align the transition with the company's annual and long-term strategic planning cycles," said W. Frank Blount, presiding director and chairman of the Governance Committee of Caterpillar's Board of Directors.

Oberhelman joined Caterpillar in 1975 in the corporate treasury department and has held a variety of positions, including chief financial officer.

"Doug has gained a broad understanding of Caterpillar's business through his diverse background, which has ranged from serving as our chief financial officer, to focusing on operational excellence in Cat's engine manufacturing operations, to leading marketing efforts in the Americas," said Owens.

Owens will stay on in his position until next July.