CATERPILLAR INC. (NYSE:CAT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 18, 2019, Caterpillar Inc. (the “Company”) announced that Thomas A. Pellette is transitioning from his position as group president of Construction Industries to become a senior vice president of the Company and president of Solar Turbines Incorporated, a wholly owned subsidiary of the Company, effective as of March 1, 2019.
In connection with the change in Mr. Pellette’s responsibilities, his target annual cash incentive award will be 50% of his base salary. He will continue to be eligible to participate in the Company’s long-term incentive plan and earn equity awards at levels consistent with his position and scope of responsibility.
Item 8.01.Other Events
On February 13, 2019, the Board of Directors of the Company appointed William P. Ainsworth, current senior vice president of the Company’s Rail Division, as group president of Energy & Transportation. In connection with this appointment, Ramin Younessi, current Energy & Transportation group president, will become group president of Construction Industries and replace Mr. Pellette. These changes will be effective March 1, 2019.
About CATERPILLAR INC. (NYSE:CAT)
Caterpillar Inc. is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through its three product segments: Resource Industries, Construction Industries, and Energy & Transportation. It also provides financing and related services through its Financial Products segment. Its Construction Industries segment provides machinery for infrastructure and building construction applications. Its Resource Industries segment offers machinery for mine and quarry applications. Its Energy & Transportation segment offers reciprocating engines, generator sets, gas turbines and turbine-related services, diesel-electric locomotives and other rail-related products and services. Its Financial Products segment conducts its business through Caterpillar Financial Services Corporation (Cat Financial). Cat Financial provides retail and wholesale financing alternatives for Caterpillar products.