Concluding a career spanning more than three decades with the company, Caterpillar Inc. announced that Group President and Chief Financial Officer (CFO) Brad Halverson has elected to retire in early 2018.
“As a second generation Caterpillar employee, Brad’s roots began well before he joined the company, and on behalf of the extended Caterpillar family, I want to thank him for his many years of service,” said Caterpillar CEO Jim Umpleby. “Brad assumed the CFO role just as we faced an unprecedented downturn in our business. The company undertook significant restructuring in response to the downturn, and Brad played a critical role in that process, helping the company maintain a strong balance sheet and good cash flow. Brad also provided strong leadership for Caterpillar Financial Services Corporation, which maintained strong financial metrics, including past dues, writes offs and credit losses during the downturn,” Umpleby added.
The company will launch a global, external search to fill the CFO position, and Halverson’s decision to continue working into early 2018 will help ensure a smooth transition for the CFO position.
“I’ve had a great career with Caterpillar, and I’m blessed and fortunate to be in a position to retire and spend more time with my family – my wife Mindy, my children and grandchildren,” Halverson said. “I will remain active in community events and will continue to support the various Peoria area charities and organizations that are important to me and my family.”
Prior to becoming CFO, Halverson served two years as vice president of the financial services division, and before that position, he was the corporate controller.