Caterpillar CEO to retire, successor a company veteran

Caterpillar insider Jim Umpleby will became chief executive of the heavy equipment maker on January 1, faced with the challenge of reversing a multiyear sales decline triggered by the global commodities slump. He replaces Doug Oberhleman, who retires as CEO on December 31, but who stays on as executive board chairperson until March 31, the company said on Monday.