Caterpillar announced a number of executive changes to streamline its corporate structure.
Once he becomes CEO, effective July 1, vice chairman Doug Oberhelman will not be replaced as a group president, reducing number of group presidents from six to five.
"We are sharpening our focus and creating a leaner, more responsive Caterpillar by giving each group president greater responsibility and accountability for the ultimate success and profitability of their businesses," Oberhelman said in a statement.
"In response to the recession of late 2008 and 2009, Caterpillar made significant reductions to our work force while also reducing costs across the company," Oberhelman added. "Our response to the recession helped reveal the opportunity to change Caterpillar's structure by also reducing the number of divisions and group presidents. This new structure will make our company and our people more responsive, more decisive and more accountable."
In addition to the new corporate structure, Caterpillar announced that several vice presidents will retire June 1.
After more than 32 years with the company, Dave Burritt will retire as Caterpillar's vice president and CFO. Also, after more than 32 years with the company, Jim Waters will retire as vice president of the production center of excellence division.
After more than 34 years with the company, Mark Pflederer will retire as vice president with responsibility for the electronics and machine systems division. After more than 40 years with Caterpillar, Dan Murphy will retire as vice president of the global purchasing division.
After more than 30 years with the company, Rod Beeler will retire as vice president of the marketing and product support center of excellence.
The company also announced additional organizational changes.