DEERFIELD, Ill., Dec. 18, 2018 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) announced today that Zach
Kauk, vice president of the Excavation Division, is leaving
the company to pursue other opportunities.
Replacing Kauk will be Tom Frake,
current vice president of Global Power Solutions Division (GPSD).
Both moves are effective immediately.
"Tom's deep expertise in both the machine and engine businesses,
as well as his broad global experience during his more than three
decades at Caterpillar, will position him well to lead the
excavation team," said Tom Pellette,
Caterpillar group president of Construction Industries. "We thank
Zach for his significant contributions and years of service to
Caterpillar and our customers."
A replacement for Frake will be named soon.
About Caterpillar
For more than 90 years, Caterpillar
Inc. has been making sustainable progress possible and driving
positive change on every continent. Customers turn to Caterpillar
to help them develop infrastructure, energy and natural resource
assets. With 2017 sales and revenues of $45.462 billion, Caterpillar is the world's
leading manufacturer of construction and mining equipment, diesel
and natural gas engines, industrial gas turbines and
diesel-electric locomotives. The company principally operates
through its three primary segments - Construction Industries,
Resource Industries and Energy & Transportation - and also
provides financing and related services through its Financial
Products segment. For more information, visit caterpillar.com. To
connect with us on social media, visit
caterpillar.com/social-media.
Forward-looking Statements
Certain statements in this
press release relate to future events and expectations and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "believe,"
"estimate," "will be," "will," "would," "expect," "anticipate,"
"plan," "project," "intend," "could," "should" or other similar
words or expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance
and speak only as of the date they are made, and we do not
undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
additional restructuring costs or a failure to realize anticipated
savings or benefits from past or future cost reduction actions; (x)
failure to realize all of the anticipated benefits from initiatives
to increase our productivity, efficiency and cash flow and to
reduce costs; (xi) inventory management decisions and sourcing
practices of our dealers and our OEM customers; (xii) a failure to
realize, or a delay in realizing, all of the anticipated benefits
of our acquisitions, joint ventures or divestitures; (xiii) union
disputes or other employee relations issues; (xiv) adverse effects
of unexpected events including natural disasters; (xv) disruptions
or volatility in global financial markets limiting our sources of
liquidity or the liquidity of our customers, dealers and suppliers;
(xvi) failure to maintain our credit ratings and potential
resulting increases to our cost of borrowing and adverse effects on
our cost of funds, liquidity, competitive position and access to
capital markets; (xvii) our Financial Products segment's risks
associated with the financial services industry; (xviii) changes in
interest rates or market liquidity conditions; (xix) an increase in
delinquencies, repossessions or net losses of Cat Financial's
customers; (xx) currency fluctuations; (xxi) our or Cat Financial's
compliance with financial and other restrictive covenants in debt
agreements; (xxii) increased pension plan funding obligations;
(xxiii) alleged or actual violations of trade or anti-corruption
laws and regulations; (xxiv) additional tax expense or exposure,
including the impact of U.S. tax reform; (xxv) significant legal
proceedings, claims, lawsuits or government investigations; (xxvi)
new regulations or changes in financial services regulations;
(xxvii) compliance with environmental laws and regulations; and
(xxviii) other factors described in more detail in Caterpillar's
Forms 10-Q, 10-K and other filings with the Securities and Exchange
Commission.
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SOURCE Caterpillar Inc.