DEERFIELD, Illinois, May 3, 2018 /PRNewswire/ --
Caterpillar Inc.'s (NYSE: CAT) board of directors has appointed Steve Ferguson a vice president of the company, effective June 1, 2018. He will lead the Industrial Power Systems Division (IPSD), replacing Ramin Younessi, who was recently promoted to group president of the Energy & Transportation segment. IPSD consists of all engines 18 liters and below, retail generators and Caterpillar Defense - spanning the three globally recognized brands of Cat®, Perkins and FG Wilson. Ferguson will report to Younessi.
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"Steve has been delivering great results by driving lean and flexible cost-competitive component manufacturing operations at Caterpillar facilities around the world - experience that will be an excellent fit for his new role leading IPSD," said Ramin Younessi, incoming group president of Energy & Transportation. "Combined with his business and finance background, focus on safety and quality, and ability to connect with customers, Steve will provide exemplary leadership for this exciting and diverse group."
Most recently, Ferguson has been general manager of Caterpillar's Advanced Component Manufacturing business, overseeing operations at 15 global facilities. He began his career with Caterpillar as an accountant in 1990 and held positions of increasing responsibility in both machine and engine divisions including roles in pricing, business planning, financial analysis and business resources. Ferguson was based in Singapore from 2011 to 2015, first as the senior business resources manager for the Excavation Division and then as chief financial officer for the Construction Industries segment.
Ferguson holds a bachelor's degree from Eastern Illinois University and is a graduate of the Advanced Executive Program at Northwestern University's Kellogg School of Management.
About Caterpillar
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 2017 sales and revenues of $45.462 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 primary 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.
Forward-looking Statements
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) our ability to develop, produce and market quality products that meet our customers' needs; (vi) the impact of the highly competitive environment in which we operate on our sales and pricing; (vii) information technology security threats and computer crime; (viii) additional restructuring costs or a failure to realize anticipated savings or benefits from past or future cost reduction actions; (ix) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (x) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xi) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xii) union disputes or other employee relations issues; (xiii) adverse effects of unexpected events including natural disasters; (xiv) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xvi) our Financial Products segment's risks associated with the financial services industry; (xvii) changes in interest rates or market liquidity conditions; (xviii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xix) currency fluctuations; (xx) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xxi) increased pension plan funding obligations; (xxii) alleged or actual violations of trade or anti-corruption laws and regulations; (xxiii) international trade policies and their impact on demand for our products and our competitive position; (xxiv) additional tax expense or exposure including the impact of U.S. tax reform; (xxv) significant legal proceedings, claims, lawsuits or government investigations; (xxvi) new regulations or changes in financial services regulations; (xxvii) compliance with environmental laws and regulations; and (xxviii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
CONTACT: Caterpillar: Rachel Potts, Office: 224-551-4135, Mobile: 309-573-3444, Potts_Rachel_A@cat.com
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