April 16, 2021
FOR IMMEDIATE RELEASE
Caterpillar Announces Board of Directors Changes
DEERFIELD, Ill. – Caterpillar Inc. (NYSE: CAT) is announcing the retirement of two long-time members of the board of directors, Juan Gallardo and William (Bill) Osborn. The company also announces the election of Cargill Board Chair and Chief Executive Officer (CEO) David MacLennan to the board. All changes were effective April 14, 2021.
Gallardo, 73, is the Chairman of Organización CULTIBA, S.A.B. de C.V. where he retired as CEO in 2016. He was elected to the Caterpillar board of directors in 1998. Gallardo served on Caterpillar’s Public Policy and Governance Committee.
“Working alongside Juan has been a privilege,” said Caterpillar Chairman and CEO Jim Umpleby. “His international business expertise and active engagement in trade-related issues have greatly benefited Caterpillar. On behalf of the entire board, I thank Juan for his exemplary service.”
Osborn, 73, is the former Chairman and CEO of Northern Trust Corporation and The Northern Trust Company. He was elected to the Caterpillar board of directors in 2000. Osborn was most recently a member of the Audit Committee, which he chaired for many years. He also previously chaired the Compensation Committee.
“Bill’s two decades of service to Caterpillar have proven invaluable,” said Umpleby. “He leveraged his leadership experience to provide insightful guidance regarding strategy and governance. The Caterpillar board thanks Bill for his outstanding service.”
MacLennan, 61, has been CEO of Cargill since 2013 and Board Chair since 2015. He began his Cargill career in 1991 and served in several positions of increasing responsibility before becoming Chief Financial Officer in 2008 and Chief Operating Officer in 2011. MacLennan serves on the boards of Ecolab, the Minnesota Business Partnership and the Board of Trustees of Amherst College.
“The Caterpillar board will benefit from Dave’s leadership experience as CEO of Cargill, a global business with more than 155,000 employees in 70 countries. I look forward to serving with him,” said Umpleby.
MacLennan joins 10 other members on Caterpillar’s board of directors and will serve on the Audit Committee.
With 2020 sales and revenues of $41.7 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Since 1925, we’ve been driving sustainable progress and helping customers build a better world through innovative products and services. Throughout the product life cycle, we offer services built on cutting-edge technology and decades of product expertise. These products and services, backed by our global dealer network, provide exceptional value to help our customers succeed. We do business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries, and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/social-media.
Juan Gallardo, member of the Caterpillar board of directors since 1998, has retired effective April 14, 2021.
William (Bill) Osborn, member of the Caterpillar board of directors since 2000, has retired effective April 14, 2021.
David MacLennan, Board Chair and Chief Executive Officer of Cargill, has been elected to the Caterpillar board of directors effective April 14, 2021.