By Will Feuer

Caterpillar Inc. said its board of directors has waived the company policy that would have required Chairman and Chief Executive Jim Umpleby to retire at the age of 65.

Mr. Umpleby will turn 65 in February. He has agreed to stay in his current role past then, the company said.

"Waiving the mandatory retirement policy for Jim provides the Board greater flexibility with its CEO succession process," said Debra Reed-Klages, presiding director of Caterpillar's board. "Jim has provided strong strategic and operating leadership for the company, and we look forward to his continued leadership of the Caterpillar team."

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

October 13, 2022 16:51 ET (20:51 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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