Caterpillar announces board, construction leadership changes
Caterpillar Inc. announced a series of leadership transitions affecting both its board of directors and its Construction Industries segment, with changes taking effect later this year.
Tony Fassino, group president of Construction Industries, will retire effective May 31, 2026, after 30 years with the company. Rod Shurman, currently senior vice president of Caterpillar’s Building Construction Products division, will assume the role of group president of Construction Industries effective Feb. 1, 2026. Fassino will remain in a transitional role as group president, retired, through the end of May.
“Tony’s many contributions to Caterpillar and our customers’ success over his accomplished 30-year career will leave a lasting impact on our organization and everyone he worked with,” said CEO Joe Creed. “His dedication and leadership will be missed, and we extend our best wishes for his retirement from Caterpillar.”
Fassino held leadership roles across Caterpillar’s global portfolio, including senior vice president of Building Construction Products beginning in 2018 and group president of Construction Industries starting in 2021. His career included responsibilities tied to product development, manufacturing operations and global distribution strategies. He has also served in leadership roles with several industry and nonprofit organizations, including the American Road & Transportation Builders Association, where he is chair for the 2025–2026 term.
Shurman will oversee Caterpillar’s Construction Industries segment, which includes earthmoving, excavation, Building Construction Products, China operations, rental and used equipment, customer solutions divisions and supply management. He joined Caterpillar in 1997 and has held senior leadership roles in engineering, service and operations, as well as senior vice president positions in the Oil & Gas and Electrification & Energy Solutions divisions.
“Rod’s deep experience across engineering and operations, combined with a drive to solve our customers’ toughest challenges, prepares him to guide Construction Industries into its next chapter,” Creed said. “We’re thrilled to see Rod take this role and excited for the future under his leadership.”
Separately, Caterpillar announced changes to its board leadership. D. James Umpleby III will retire as executive chairman and as a member of the board effective April 1, 2026, following 45 years with the company. At that time, Creed will assume the additional role of chairman of the board.
As part of the transition, Debra L. Reed-Klages will continue serving as lead independent director.
“On behalf of the Board of Directors, we want to express our gratitude to Jim for his exemplary service as CEO and as a director. We look forward to continuing to work with Joe in his new role as Chairman of the Board,” Reed-Klages said.
Creed became CEO in May 2025 after previously serving as chief operating officer and group president of Energy & Transportation. Umpleby, who became CEO in 2017, transitioned to executive chairman in 2025.
“It’s been an honor to work alongside Caterpillar’s talented global team, and I’m very proud of all we accomplished together,” Umpleby said. “I am confident that Joe is the right leader to guide Caterpillar as it embarks upon a new century full of exciting opportunities. As I enter retirement, my greatest satisfaction comes from the conviction that Caterpillar’s best days lie ahead.”
