August 1, 2017
FOR IMMEDIATE RELEASE
Caterpillar Group President and Chief Financial Officer Brad Halverson to Retire in 2018; Company to Launch External Search for New CFO
PEORIA, Ill. — Concluding a career spanning more than three decades with the company, Caterpillar Inc. (NYSE: CAT) today announced that Group President and Chief Financial Officer (CFO) Brad Halverson has elected to retire in early 2018.
“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,” said Caterpillar CEO Jim Umpleby. “Brad assumed the CFO role just as we faced an unprecedented downturn in our business. 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 Corporation, which maintained strong financial metrics, including past dues, writes offs and credit losses during the downturn,” Umpleby added.
The company will launch a global, external search to fill the CFO position, and Halverson’s decision to continue working into early 2018 will help ensure a smooth transition for the CFO position.
“I've had a great career with Caterpillar, and I'm blessed and fortunate to be in a position to retire and spend more time with my family – my wife Mindy, my children and grandchildren,” Halverson said. “I will remain active in community events and will continue to support the various Peoria area charities and organizations that are important to me and my family.”
Prior to becoming CFO, Halverson served two years as vice president of the Finance Services Division, and before that position, he was the corporate controller.
Halverson joined Caterpillar in 1988 as an accountant. In 1993, he moved to Geneva, Switzerland, to become a strategy and planning consultant. He went on to become controller in Europe, responsible for Caterpillar's financial reporting in Europe, Africa and the Middle East. Halverson returned to the United States in 1996 to manage general accounting and financial systems. From 1998 until 2002, Halverson was the CFO of Caterpillar's Engine Division and was the director of Mergers & Acquisitions.
Halverson graduated with a Bachelor of Science degree in Accounting in 1982, and earned an Executive MBA in 1996, both from the University of Illinois. He is a certified public accountant (CPA) and member of the American Institute of CPAs.
Halverson serves on the Sysco Corporation Board of Directors and is a member of the U.S. Chamber of Commerce Board. He also serves on the Dean’s Business Council for the University of Illinois at Urbana-Champaign College of Business and the OSF St. Francis Medical Center Community Advisory Board. Halverson is the Immediate Past Chairman of the Easter Seals of Central Illinois Board of Trustees, and he is the current Treasurer of the Easter Seals Foundation Board of Trustees. In addition, Halverson is the Chairman of the Illinois High School Association State Basketball Tournament Steering Committee.
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2016 sales and revenues of $38.537 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.