Cummins Inc. announced the retirement of Tim Solso, 64, the company's chairman and chief executive since 2000.
Solso will be succeeded by Tom Linebarger, Cummins’ president and chief operating officer. Linebarger, 48, has been with Cummins for 17 years and he formerly was president of Cummins Power Generation and served as the company’s chief financial officer.
He will assume his new role on Jan. 1, 2012.
“The time has come to say thank you and best wishes to an extraordinary business leader and a wonderful human being,” Alexis Herman, lead director of Cummins’ board and chairwoman of the Governance and Nominating Committee, said in a statement. “Tim has led the company through many years of record performance and outstanding shareholder returns. He championed Cummins’ international growth and the importance of a diverse work force. Equally impressive has been his unwavering focus on corporate responsibility and making a difference in the communities where Cummins does business.
“In Tom Linebarger we have an individual who shares the same qualities of leadership and commitment to Cummins’ values as his predecessors,” she added. “He has extensive experience in the operational and financial aspects of the company. And he brings with him limitless energy and enthusiasm for the rigors of competing in a challenging global business environment.”
Solso joined Cummins in 1971 after receiving a master’s degree in business administration from Harvard University and a bachelor’s degree in psychology from DePauw University. He began as assistant to the vice president of personnel and later moved into the operations side of the business.
He has worked in various global locations, including Huddersfield, England, and Sao Paolo, Brazil. After 29 years in the business, he was named chairman and CEO in 2000.