Caterpillar CFO to take over construction portfolio

Caterpillar group president and chief financial officer (CFO) Ed Rapp is to take over as group president responsible for construction industries and growth markets as of January 1, 2013. The move follows the retirement of the incumbent group president, Rich Lavin.

Mr Rapp, who has worked for Caterpillar for more than 30 years will be based at the company’s Construction Industries headquarters office, which is relocating from Hong Kong to Singapore.

Commenting on the appointment Caterpillar chairman & CEO Doug Oberhelman said, “As we weighed the complexity of this role across the range of products and geographies and looked at the critical areas of responsibility for this position, it was clear that Ed was the best person for this position. Ed brings proven executive-level leadership and demonstrated success to this position. He will provide focus and strategic vision as we work toward our market leadership goals for China and other key growth markets.”

The position of CFO and group president vacated by Mr Rapp will be filled by Brad Halverson, currently a Caterpillar vice president with responsibility for the Finance Services Division.

Other changes

As well as Mr Lavin’s, Gerard Vittecoq, group president with responsibility for Caterpillar’s Energy & Power Systems business has also chosen to retire. He will be replaced by Jim Umpleby, currently vice president with responsibility for the company’s Solar Turbines business, which makes gas turbines.