Thursday, Caterpillar Inc. (CAT: Quote), a manufacturer of construction and mining equipment, said it is aligning its machine product and marketing organizations to build deep expertise in product development and to achieve its 2010 and Vision 2020 goals. The Peoria, Illinois headquartered company said the alignment results in numerous officer changes effective January 1, 2009.
Caterpillar said a key change in the aligned structure is the creation of five end-to-end Machine Business Divisions comprising Mining, Quarry & Waste, Excavation, Earthmoving and Building Construction Products. These divisions will incorporate design, manufacturing, marketing, sales and product support for the entire value chain.
The company said Vice President Chris Curfman would lead the Mining Division. Vice President Bill Springer will lead the Quarry & Waste Division, which will also serve governmental, and defense and federal products customers. The Excavation Division will be led by Vice President Gary Stampanato and will include all excavators and articulated trucks.
Vice President Tom Bluth will head the Earthmoving Division. This new Beijing-based division will be responsible for all other core construction products. Vice President Mary Bell will head the Building Construction Products Division focusing primarily on small contractors as well as forestry and agricultural customers, the company noted.
Caterpillar said the alignment also introduces three new regional Distribution Services Divisions within the company, replacing its current marketing arms.
The Europe, Africa/Middle East Distribution Services Division will be led by Vice President Paolo Fellin. Newly elected Vice President Rob Charter will head the Asia Pacific Distribution Services Division. By the end of 2009, Caterpillar will transition to an Americas Distribution Services Division that will include both North and South America and Vice President Jim Parker will head that division.
The company said its current Motion & Power Control Division will be expanded and reorganized into two new divisions. Vice President Hans Haefeli will lead the Advanced Systems Division. The Core Components Division, to be led by newly elected Vice President Greg Folley, will bring together the engineering and supply base for hoses and tubes, filters and common components like tires, bearings, fasteners and seals.
The company said its Board elected Robert Charter, Gregory Folley and Jiming Zhu as new Caterpillar vice presidents effective January 1, 2009.
Charter will lead the Asia Pacific Distribution Services Division based in Singapore. Folley will head the newly formed Core Components Division. Jiming Zhu will lead the newly formed Caterpillar China Division.
The company also announced that Thomas Gales, vice president with responsibility for Caterpillar's Latin America Division, would retire at year-end 2009. Michael Baunton, vice president with responsibility for Caterpillar's EAME Operations Division, will retire effective April 2009.
CAT declined $2.85 or 5.98% and closed Thursday's regular trading session at $44.80. After hours, CAT declined further $0.30 or 0.67% and traded at $44.50.
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