Caterpillar elected Douglas R. Oberhelman to the offices of vice chairman and CEO-elect, effective Jan. 1, 2010.
Oberhelman, 56, currently serves as group president of Caterpillar with responsibility for the company's engine and gas turbine businesses, human services, rail services and remanufacturing divisions. In his new position, he will take on the additional responsibilities of managing the leadership transition and updating the company's strategy.
He will serve as vice chairman and CEO-elect until the June 2010 Caterpillar board of directors meeting, at which time he will be elected chief executive officer and a member of the board of directors, succeeding James W. Owens, the company said in a statement.
Owens will continue to serve as chairman of the board and CEO until July 1, 2010. He will remain as chairman of the board through Oct. 31, 2010, when he will retire in accordance with the company's longstanding mandatory retirement policy and be succeeded by Oberhelman at that time.
"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," Owens said in a statement.
"Doug's expertise in all critical facets of our business, combined with his international business experience in Asia and Latin America, and his relentless focus on execution and results make him uniquely qualified to lead Caterpillar in today's global economy," he added.
Oberhelman joined Caterpillar in 1975 in the corporate treasury department and has held a variety of positions, including senior finance representative based in South America for Caterpillar Americas Co.; region finance manager and district manager for the company's North American Commercial Division; and managing director and vice general manager for strategic planning at Shin Caterpillar Mitsubishi Ltd. in Tokyo, Japan.
Oberhelman was elected vice president in 1995, serving as Caterpillar's chief financial officer with administrative responsibility for the corporation's accounting, information services, tax, treasury, investor relations and marketing support services areas from 1995 to November 1998. He then became vice president with responsibility for the engine products division, including the market development, strategic planning, supplier management, electric power generation and worldwide marketing and administration for Caterpillar's engine business.
He was elected a group president and member of Caterpillar's executive office in 2002 and has had responsibility for the company's Asia Pacific region as well as Cat's financial products and strategic support divisions. He also was responsible for the legal services and systems and processes divisions.
He currently oversees the human services and sustainable development functions as well as Caterpillar's growing remanufacturing business. He also leads the worldwide manufacturing, marketing and support of industrial and large power systems, industrial gas turbines and progress rail services.
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Mark Kellum was named the new marketing manager for Regal Marine, based in Orlando, Fla.
His responsibilities include assisting Regal's leadership team in developing and implementing marketing strategies and tactics as well as providing design and development expertise for ad campaigns, marketing, public and media relations.
Kellum comes to Regal with five years of experience as vice president for Kenton Smith Advertising & Relations as well as managing a boutique advertising and marking company for more than 10 years with clients such as Red Lobster, Olive Garden, AAA, and GE Financial Services.