Caterpillar Announces Officer Appointments and Retirement

PEORIA, Ill., Oct. 13, 2011 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced today that Chris Schena, 62, has elected to retire following more than 39 years of outstanding service to the company. Schena has been a Caterpillar vice president since 2002 and is currently vice president with responsibility for Europe and South America Operations.  

"Since joining Caterpillar in Belgium in 1972, Chris has demonstrated outstanding business leadership skills with a proven record of delivering superior operational results while always maintaining a focus on developing people within his organizations," said Rich Lavin, Caterpillar Group President with responsibility for Construction Industries and Growth Markets. "During his distinguished career, Chris has provided leadership to Caterpillar business units and operations on three continents. He was a pioneer of lean manufacturing processes while leading Caterpillar's operations in Brazil in the late 1990s and as a result, Caterpillar's manufacturing operations in Brazil remain among the very best within the company," Lavin added.  

Schena holds a B.A. in business administration and an M.B.A. from Universite de l'Etat a Mons in Belgium. He began his Caterpillar career in 1972, and held a number of cost and business analysis positions with increasing responsibility at Caterpillar's operations in Belgium and the United States. In 1992, he was named product source planning manager, Technical Services Division. In 1996, Schena was named General Manager for Caterpillar Brasil Ltda. In 2002, he became a Caterpillar vice president with responsibility for the Component Products & Control Systems Division. Schena's retirement will be effective July 1, 2012.

Mark Sweeney named Vice President

Caterpillar's Board of Directors has appointed Mark Sweeney, 51, currently operations director for Caterpillar's Electric Power Division, a Caterpillar vice president. Sweeney's appointment is effective January 1, 2012, and he will replace Schena as vice president with responsibility for Europe and South America Operations. Schena and Sweeney will focus on the transition of responsibilities during the first half of 2012.

"Mark was managing FG Wilson's Research and Development group when Caterpillar acquired the company in the mid 1990s, and we immediately recognized his technical expertise and leadership skills," Lavin said. "With his engineering, marketing and operations background, and based on his outstanding leadership within FG Wilson and the Electric Power Division, Mark is an ideal fit for this new role," Lavin added.

Prior to joining FG Wilson, Sweeney was a manager with Mercury Marine based in the United States. He joined FG Wilson in 1994 as the manager of Research and Development. He held a number of research and engineering leadership positions with increasing responsibility and in 2000 was named an FG Wilson vice president with responsibility for Product Development & FG Wilson Marketing Services. Sweeney has held his current position as operations director for Caterpillar's Electric Power Division since 2006. In that role, Sweeney has operations responsibility for facilities in Europe, Asia, South America and the United States. In addition, Sweeney was a member of the company's Strategic Planning Committee that was responsible for developing the current enterprise strategy. Sweeney holds a B.S. and a Ph.D. in mechanical engineering from Queens University in Belfast. He also participated in the Darden Executive Development Program at the University of Virginia in 2004.

New Responsibilities for Steve Fisher

Steve Fisher, 56, currently Caterpillar vice president with responsibility for the integration of Caterpillar and Bucyrus, has been named to replace Gary Stroup as vice president with responsibility for the Large Power Systems and Growth Markets Division. Stroup's retirement was previously announced, and Fisher will assume his new duties effective January 1, 2012.

"Steve has demonstrated outstanding foresight, energy and effectiveness in successfully leading the Bucyrus integration, which is by far, Caterpillar's largest acquisition to date," said Gerard Vittecoq, Caterpillar Group President with responsibility for Energy and Power Systems. "Along with his proven track record for growing Caterpillar's Remanufacturing business, where he previously served as a vice president, I am sure Steve will bring a great deal of energy and innovation to the Large Power Systems and Growth Markets Division," Vittecoq added.

Fisher joined Caterpillar in 1978 as an accounting trainee. He held numerous accounting and cost management positions, serving as a business resource manager and cost and business analysis services manager. He was instrumental in mergers and acquisitions activity and in the development of the company's internal strategic consulting business while in corporate accounting. He joined the remanufacturing products group as general manager in 2001. Fisher became a Caterpillar vice president in 2006. Fisher has a bachelor's degree in accounting from Bradley University and is a certified public accountant. He completed the Duke University Advanced Management Program in 1999.

About Caterpillar:

For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2010 sales and revenues of $42.588 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.caterpillar.com.

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are subject to known and unknown factors that may cause Caterpillar's actual results to be different from those expressed or implied in the forward-looking statements. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements.  All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions.  These statements do not guarantee future performance, and Caterpillar does not undertake to update its forward-looking statements.

It is important to note that Caterpillar's actual results may differ materially from those described or implied in its forward-looking statements based on a number of factors, including, but not limited to: (i) global economic conditions and economic conditions in the industries and markets Caterpillar serves; (ii) government monetary or fiscal policies and government spending on infrastructure; (iii) commodity or component price increases and/or limited availability of raw materials and component products, including steel; (iv) Caterpillar's and its customers', dealers' and suppliers' ability to access and manage liquidity; (v) political and economic risks associated with our global operations, including changes in laws, regulations or government policies, currency restrictions, restrictions on repatriation of earnings, burdensome tariffs or quotas, national and international conflict, including terrorist acts and political and economic instability or civil unrest in the countries in which Caterpillar operates; (vi) Caterpillar's and Cat Financial's ability to maintain their respective credit ratings, material increases in either company's cost of borrowing or an inability of either company to access capital markets; (vii) financial condition and credit worthiness of Cat Financial's customers; (viii) inability to realize expected benefits from acquisitions and divestitures, including the acquisition of Bucyrus International, Inc.; (ix) international trade and investment policies, such as import quotas, capital controls or tariffs; (x) the possibility that Caterpillar's introduction of Tier 4 emissions compliant machines and engines is not successful; (xi) market acceptance of Caterpillar's products and services; (xii) effects of changes in the competitive environment, which may include decreased market share, lack of acceptance of price increases, and/or negative changes to our geographic and product mix of sales; (xiii) union disputes or other employee relations issues; (xiv) Caterpillar's ability to successfully implement the Caterpillar Production System or other productivity initiatives; (xv) adverse changes in sourcing practices of our dealers or original equipment manufacturers; (xvi) compliance costs associated with environmental laws and regulations; (xvii) alleged or actual violations of trade or anti-corruption laws and regulations; (xviii) additional tax expense or exposure; (xix) currency fluctuations, particularly increases and decreases in the U.S. dollar against other currencies; (xx) failure of Caterpillar or Cat Financial to comply with financial covenants in their respective credit facilities; (xxi) increased funding obligations under our pension plans; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) imposition of operational restrictions or compliance requirements if carbon emissions legislation and/or regulations are adopted; (xxiv) changes in accounting standards or adoption of new accounting standards; (xxv) adverse effects of natural disasters; and (xxvi) other factors described in more detail under "Item 1A. Risk Factors" in Part I of our Form 10-K filed with the SEC on February 22, 2011 for the year ended December 31, 2010.  This filing is available on our website at www.caterpillar.com/secfilings.    

SOURCE Caterpillar Inc.