Equipment manufacturer Caterpillar has announced that CEO Jim Umpleby will step down May 1 to become executive board chairman, with Chief Operating Officer, Joe Creed assumeing the lead corporate role. 

The announcement comes as the company sees a somewhat rocky road ahead in 2025, with softening sales foreseen even before recent tariff actions complicated the pricing model for its global supply chain.

Creed’s promotion comes after a 28-year career at Caterpillar, with prominent roles in its energy and transportation business segment, a stint as vice president of its financial services division and later positions in its oil & gas and marine division. He has served corporate COO since November.

“I’m proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world’s infrastructure to delivering critical minerals and reliable energy,” Creed said in a press statement

Umpleby took over as CEO in 2017, at a time when the equipment firm experienced slowing sales due to shifting demand. He oversaw several shifts at the company, including relocating headquarters from its longtime home in Peoria, Ill.—first to Chicago, and later to Irving, Texas.

Caterpillar rode the waves of economic contraction and growth through the COVID-19 pandemic and recovery, and saw considerable growth. Umpleby refocused much of its efforts on shareholder value and long-term profitable growth, the company said in a press statement, reaching a record full-year adjusted profit per share in 2024.

“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honor those who came before us establishing a culture of excellence serving our customers,” Umpleby said in a statement. “I have great confidence in my successor Joe Creed and the entire executive office to lead our global team as Caterpillar embarks upon our second century of helping our customers build a better, more sustainable world.”