The Caterppillar Board of Directors elected Douglas R. Oberhelman to the offices of vice chairman and chief executive officer, effective Jan. 1, 2010. Oberhelman, 56, serves as group president with responsibility for the Cat's engine and gas turbine businesses, human services, rail services and remanufacturing divisions. As vice chairman and chief executive officer. Oberhelman will take on responsibility for managing the leadership transition and updating the company's strategy.

Announcing the succession plan at this time allows Oberhelman will serve as vice chairman and chief executive officer until the June 2010 Caterpillar Board of Directors meeting, at which time he will be elected chief executive officer and a member of the Board of Directors, succeeding James W. Owens, 63.

Owens will continue to serve as Chairman of the Board and Chief Executive Officer until July 1, 2010. He will remain as Chairman of the Board through Oct. 31, 2010.