On Oct. 16, heavy equipment maker Caterpillar announced that Joseph E. Creed, Group President of Energy & Transportation, has been appointed to the newly created position of Chief Operating Officer, effective Nov. 1.
Creed will report to Jim Umpleby, Chairman and CEO. Reporting to Creed will be group presidents Tony Fassino of Construction Industries, Denise Johnson of Resource Industries and Bob De Lange of Services, Distribution and Digital. Creed’s replacement as Group President of Energy & Transportation “will be named at a later date and will also report to the chief operating officer,” the company said in a news release.
“Joe’s extensive financial experience across Caterpillar’s engine and machine businesses, combined with his leadership of our Energy & Transportation segment, position him well for his new role,” said Umpleby. “Joe will help lead the continued execution of our strategy for profitable growth and pursue the market opportunities associated with the energy transition and growing global energy demand.”
Creed joined Caterpillar in 1997. He eventually was promoted to Chief Financial Officer for Caterpillar’s Energy & Transportation business segment in 2013, then to Vice President of Caterpillar’s Finance Services Division in 2017.
He also served as interim CFO for Caterpillar in 2018. Creed then became VP of the Oil & Gas and Marine Division and the Electric Power Division. In 2021, he was promoted to Group President of Energy & Transportation.
On Oct. 13, Caterpillar also announced that George Moubayed, current Senior Vice President of the Enterprise Strategy Division, will assume additional responsibilities as the Chief Sustainability and Strategy Officer, effective Jan. 1, 2024.
Moubayed succeeds Chief Sustainability Officer Lou Balmer-Millar, who is retiring on Dec. 31 after over 20 years with the company. Moubayed also will report directly to Umpleby.