New York, Jan 6, 2026, 19:51 EST — After-hours
- CAT shares rose about 1.1% in after-hours trade after the company outlined a board leadership transition.
- CEO Joe Creed will become chairman on April 1 as longtime executive Jim Umpleby retires.
- A filing showed the board will shrink to nine directors and updated the lead director title.
Caterpillar Inc. shares rose in after-hours trading on Tuesday after the machinery maker said CEO Joe Creed will become chairman on April 1, succeeding Jim Umpleby, who is retiring. The stock was up about 1.1% at $623.09, after earlier trading between $609.44 and $626.60. 1
The change puts Creed on track to hold both the top executive job and the board’s chair, a governance setup investors often watch closely at large industrial firms. Caterpillar is widely treated as a bellwether for construction, mining and energy activity, so leadership moves can draw attention even when strategy is unchanged.
In a Current Report on Form 8-K — a filing companies use to disclose material events — Caterpillar said Umpleby will resign from the board on April 1 and the company will reduce the board’s size to nine directors from ten on that date. The filing also said the board adopted amended bylaws that change the title of the board’s “presiding director” to “lead independent director.” 2
Caterpillar said Debra L. Reed-Klages will continue as lead independent director and that the board “look forward to continuing to work with Joe” as chairman. Creed, who joined Caterpillar in 1997 and became CEO in May 2025, said he was “honored to carry the torch forward,” while Umpleby said Creed was “the right leader” as he retires after 45 years at the company. 3
But combining the CEO and chair roles can sharpen scrutiny from governance-focused investors if results soften or a strategic pivot draws controversy. Caterpillar’s earnings and order trends can also swing with borrowing costs, commodity prices and dealer inventory decisions.
Traders are also watching the Jan. 20 ex-dividend date — the cutoff after which new buyers do not receive the next payout — with Caterpillar’s quarterly dividend listed at $1.51 per share and payable on Feb. 19. 4
