Caterpillar Inc. announced that its board of directors has waived the policy requiring Caterpillar's Chairman and CEO, Jim Umpleby, to retire at age 65. Umpleby has agreed to remain in his position beyond February 2023, when he turns 65.

"Waiving the mandatory retirement policy for Jim provides the board greater flexibility with its CEO succession process," said Debra Reed-Klages, presiding director, speaking on behalf of Caterpillar's board of directors.

"Jim has provided strong strategic and operating leadership for the company, and we look forward to his continued leadership of the Caterpillar team."

For more information, visit www.caterpillar.com.