IRVING,
Texas, Dec. 20, 2022 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) announced today that Dr. Lou Balmer-Millar will assume responsibility for
the Chief Sustainability Officer role in addition to her current
responsibility as Senior Vice President of the Large Power Systems
Division within the Energy and Transportation segment.
Balmer-Millar succeeds Julie Lagacy,
who was Caterpillar's first Chief Sustainability & Strategy
officer and is retiring February 1,
2023, after nearly 35 years of dedicated service. In her
capacity as Chief Sustainability Officer, Balmer-Millar will report
directly to Chairman and CEO Jim
Umpleby.
"Sustainability is an important focus area of our long-term
strategy for profitable growth," said Caterpillar Chairman and CEO
Jim Umpleby. "Building on her role
in Caterpillar's Energy & Transportation segment, this move
further enhances the advancement of product solutions to support
our customers during the energy transition and help them achieve
their climate-related objectives by geography, by application and
by specific customer need. We remain committed to helping our
customers build a better, more sustainable world."
Balmer-Millar has held several technical and business leadership
positions of increased scope and responsibility over her 20-year
career with Caterpillar. Prior to joining the company, she led
materials and chemical engineering research efforts at the
Environmental Molecular Science Laboratory of the Pacific Northwest
National Laboratory. Balmer-Millar has a Ph.D. in Materials Science
from the University of California, Santa
Barbara and a Bachelor of Science in engineering from The
Pennsylvania State University.
Balmer-Millar will work with Lagacy to transition to the role in
the first quarter of 2023.
About Caterpillar
With 2021 sales and revenues of
$51.0 billion, Caterpillar Inc. is
the world's leading manufacturer of construction and mining
equipment, off-highway diesel and natural gas engines, industrial
gas turbines and diesel-electric locomotives. For nearly 100 years,
we've been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the conversation on
our social media channels.
Forward-Looking Statements
Certain statements in this
press release relate to future events and expectations and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "believe,"
"estimate," "will be," "will," "would," "expect," "anticipate,"
"plan," "forecast," "target," "guide," "project," "intend,"
"could," "should" or other similar words or expressions often
identify forward-looking statements. All statements other than
statements of historical fact are forward-looking statements,
including, without limitation, statements regarding our outlook,
projections, forecasts or trend descriptions. These statements do
not guarantee future performance and speak only as of the date they
are made, and we do not undertake to update our forward-looking
statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xi) union disputes or other
employee relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global financial
markets limiting our sources of liquidity or the liquidity of our
customers, dealers and suppliers; (xiv) failure to maintain our
credit ratings and potential resulting increases to our cost of
borrowing and adverse effects on our cost of funds, liquidity,
competitive position and access to capital markets; (xv) our
Financial Products segment's risks associated with the financial
services industry; (xvi) changes in interest rates or market
liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (xviii)
currency fluctuations; (xix) our or Cat Financial's compliance with
financial and other restrictive covenants in debt agreements; (xx)
increased pension plan funding obligations; (xxi) alleged or actual
violations of trade or anti-corruption laws and regulations; (xxii)
additional tax expense or exposure, including the impact of U.S.
tax reform; (xxiii) significant legal proceedings, claims, lawsuits
or government investigations; (xxiv) new regulations or changes in
financial services regulations; (xxv) compliance with environmental
laws and regulations; (xxvi) the duration and geographic spread of,
business disruptions caused by, and the overall global economic
impact of, the COVID-19 pandemic; and (xxvii) other factors
described in more detail in Caterpillar's Forms 10-Q, 10-K and
other filings with the Securities and Exchange Commission.
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SOURCE Caterpillar Inc.