Caterpillar Inc. said today that group president and CFO Brad Halverson will retire in early 2018, concluding a career with the company that spanned more than three decades.
Caterpillar said it plans to launch an external search for a new CFO.
Before he became CFO, Halverson served two years as vice president of the finance services division. Before that, he was the corporate controller.
"As a second-generation Caterpillar employee, Brad's roots began well before he joined the company, and on behalf of the extended Caterpillar family I want to thank him for his many years of service," Caterpillar CEO Jim Umpleby said in a statement.
"Brad assumed the CFO role just as we faced an unprecedented downturn in our business,” Umpleby added. “The company undertook significant restructuring in response to the downturn, and Brad played a critical role in that process, helping the company maintain a strong balance sheet and good cash flow. Brad also provided strong leadership for Caterpillar Financial Services Corp., which maintained strong financial metrics, including past dues, writeoffs and credit losses during the downturn.”