PEORIA, Illinois (AP) -- Heavy equipment maker Caterpillar is planning a number of management changes to follow Doug Oberhelman\'s promotion to CEO in July and replace several retiring executives.
The Peoria, Illinois, company said Wednesday it will reduce the number of group presidents from six to five after Oberhelman becomes chief executive and reorganize the duties of several vice presidents.
Oberhelman says the new management structure will be leaner and more responsive. Oberhelman is working on an updated strategic plan that will be unveiled soon.
Caterpillar said one of its group presidents, Ed Rapp, will become chief financial officer to replace the retiring Dave Burritt.
Besides Burritt, four other longtime Caterpillar executives are retiring from vice president jobs.