Caterpillar CFO to Retire Next Year

Brad Halverson joined Caterpillar in 1988 as an accountant and worked as a strategy and planning consultant in Geneva, Switzerland, in the mid-1990s before serving as CFO of the Engines Division.

📅   Wed August 02, 2017 - National Edition
Matt Buedel


Brad Halverson, the CFO at Caterpillar Inc., will retire early next year, concluding a career with the heavy machinery manufacturer that spans three decades.
Brad Halverson, the CFO at Caterpillar Inc., will retire early next year, concluding a career with the heavy machinery manufacturer that spans three decades.

The chief financial officer at Caterpillar Inc. will retire early next year, concluding a career with the heavy machinery manufacturer that spans three decades.

Brad Halverson joined Caterpillar in 1988 as an accountant and worked as a strategy and planning consultant in Geneva, Switzerland, in the mid-1990s before serving as CFO of the Engines Division and directing mergers and acquisitions. He also has served as vice president of the Financial Services Division and corporate controller.

“As a second generation Caterpillar employee, Brad's roots began well before he joined the company, and on behalf of the extended Caterpillar family, I want to thank him for his many years of service,” Caterpillar CEO Jim Umpleby said Tuesday. “Brad assumed the CFO role just as we faced an unprecedented downturn in our business. The company undertook significant restructuring in response to the downturn, and Brad played a critical role in that process, helping the company maintain a strong balance sheet and good cash flow. Brad also provided strong leadership for Caterpillar Financial Services Corporation, which maintained strong financial metrics, including past dues, writes offs and credit losses during the downturn.”

According to a filing with the Securities and Exchange Commission, the company signed a retention and retirement agreement with Halverson on Monday that includes a cash payment of more than $2.6 million as soon as is practicable after his retirement on March 2, 2018.

Caterpillar will launch a global, external search for Halverson's replacement, according to a statement from the company.

Halverson is the treasurer for the Easter Seals Foundation board of trustees and is the immediate past chairman of the Easter Seals of Central Illinois board of trustees. He also is the chairman of the Illinois High School Association State Basketball Tournament Steering Committee and serves on the OSF Saint Francis Medical Center Community Advisory Board. Halverson additionally serves on the Sysco Corporation board of directors, the U.S. Chamber of Commerce Board and the Dean's Business Council for the University of Illinois at Urbana-Champaign College of Business.

“I've had a great career with Caterpillar, and I'm blessed and fortunate to be in a position to retire and spend more time with my family — my wife Mindy, my children and grandchildren,” Halverson said. “I will remain active in community events and will continue to support the various Peoria-area charities and organizations that are important to me and my family.”

Source: Journal Star