Cat names new CEO

PEORIA, Ill. (Dec. 12, 2003) — Caterpillar’s board of directors have appointed James W. Owens vice chairman and named him the next chairman and chief executive officer. He will replace Glen A. Barton, who has elected to retire January 31, 2004, after nearly 43 years of Caterpillar service and five years as chairman and CEO.

Barton will turn 65 in August, the mandatory retirement age for Caterpillar officers, but he chose to retire early so the leadership transition corresponds with Caterpillar’s annual planning cycle.

Owens, 57, joined Caterpillar in 1972 as a corporate economist and held various management positions in economics, accounting and product source planning. In 1993 he became chief financial officer and in 1995 assumed the position of group president.