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Caterpillar CFO Bonfield Retires; Epley Takes Helm
9 Apr
Summary
- Andrew Bonfield, Caterpillar's finance chief, will retire in October.
- Kyle Epley, a company veteran since 1996, will succeed Bonfield.
- Caterpillar's shares gained 60% last year, driven by AI focus.
Andrew Bonfield, the finance chief of Caterpillar, announced his retirement effective October. He will be succeeded by Kyle Epley, a long-serving company executive. Epley, who joined Caterpillar in 1996, has held various leadership roles in finance and accounting.
Bonfield's departure follows a period of significant growth for Caterpillar, partly attributed to its strategic focus on artificial intelligence. This AI emphasis propelled the company's power and energy division to become its largest segment by sales, surpassing its traditional construction unit.
Under Bonfield's financial stewardship, Caterpillar's shares experienced a substantial increase of approximately 60% over the past year. This performance significantly outperformed the broader S&P 500 index during the same period.
Bonfield will continue to serve as a senior advisor until October 1 to ensure a smooth leadership transition. Epley is slated to officially take over the CFO position in May.
