Caterpillar has confirmed several key leadership changes that will take place this year, including a leadership transition in the construction sector.
Caterpillar president for construction industries Tony Fassino has announced he will retire from the industry following May 31, 2026, following a three-decade-long career. In the wake of this announcement, Caterpillar has revealed that Rod Shurman will take over as group president of industries from February 1, 2026.
“Tony’s many contributions to Caterpillar and our customers’ success over his accomplished 30-year career will leave a lasting impact on our organisation and everyone he worked with,” Caterpillar chief executive officer Joe Creed said in a statement.
“His dedication and leadership will be missed, and we extend our best wishes for his retirement from Caterpillar.”
The promotion of Shurman comes after he first joined the company in 1997 and has served in several key roles across engineering, service and operations functions in the intervening years.
Shurman currently serves as senior vice president of Caterpillar’s BCP division and has previously served as senior vice president for Caterpillar’s oil and gas as well as electrification and energy solutions divisions.
“Rod’s deep experience across engineering and operations, combined with a drive to solve our customers’ toughest challenges, prepares him to guide Construction Industries into its next chapter,” Creed said.
“We’re thrilled to see Rod take this role and excited for the future under his leadership.”
It is one of several leadership changes that Caterpillar has confirmed since the start of the year with Creed recently elected to the chairman of the board.
It comes after James Umpleby III announced he will retire after 45 years at Caterpillar including eight as the company’s chief executive officer. Umpleby will retire as Executive Chairman and as a member of the Caterpillar board of directors effective April 1, 2026.
“It’s been an honor to work alongside Caterpillar’s talented global team, and I’m very proud of all we accomplished together,” Umpleby said.
“I am confident that Joe is the right leader to guide Caterpillar as it embarks upon a new century full of exciting opportunities. As I enter retirement, my greatest satisfaction comes from the conviction that Caterpillar’s best days lie ahead.”
Alongside this, Caterpillar has announced Debra L. Reed-Klages will continue as lead independent director. Reed-Klages has served as a director since June 2015 and independent presiding director since June 2022.
“On behalf of the board of directors, we want to express our gratitude to Jim for his exemplary service as CEO and as a director. We look forward to continuing to work with Joe in his new role as chairman of the board,” Reed-Klages said.
