Doug Oberhelman has announced his retirement as Chairman and CEO of Caterpillar, after 41 years of service. Oberhelman led Caterpiller to its highest sales and revenue peak in 2012. Jim Umpleby will succeed him as CEO, effective January 1, 2017. Umpleby is currently Group President, responsible for energy and transportation. He has been with Caterpillar for 35 years. Dave Calhoun, a current member of the Caterpillar Board, will take up the role of Non-executive Chairman of the Board upon Oberhelman?s retirement on March 31, 2017. Calhoun is Senior Managing Director and Head of private equity portfolio operations of The Blackstone Group L.P.