03:50 PM EDT, 04/15/2025 (MT Newswires) -- Caterpillar ( CAT ) on Tuesday named Joseph Creed as the company's next chief executive, succeeding D. James Umpleby III, effective May 1.

Creed, who is a 28-year Caterpillar ( CAT ) veteran, currently serves as chief operating officer. Umpleby, who also serves as the company's chairman, will become executive chairman following the leadership change.

"In 2024, Caterpillar ( CAT ) achieved record full-year adjusted profit per share, which increased more than sixfold during Umpleby's tenure as CEO," the construction equipment supplier said in a statement.

Shares of the company were down 1.7% in late Tuesday afternoon trade. The stock has slid about 19% over the past 12 months.

At the end of January, the company said it was expecting slightly lower full-year revenue compared with 2024, according to a FactSet transcript of an earnings conference call. The consensus on FactSet is for full-year sales of $63.55 billion, down from last year's $64.81 billion, which reflected a 3% annual drop.

The company on Jan. 30 projected lower year-on-year top line for the first quarter. Analysts are looking for revenue of $14.71 billion for the March quarter, down from $15.8 billion a year earlier.

Price: 293.75, Change: -4.38, Percent Change: -1.47

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.