More Executive Changes At Caterpillar

The recent flurry of changes at the top of the Caterpillar Inc. organization chart continue with the announcement Andrew Bonfield has been named chief financial officer (CFO) effective September 1, 2018. Bonfield will succeed Brad Halverson, whose retirement became effective May 4, 2018.

Between now and September 1, Finance Services Division (FSD) Vice President Joe Creed will serve as interim CFO, a role he will assume in addition to his vice president duties.  Once Bonfield joins Caterpillar, Creed will continue serving in his capacity as FSD Vice President.

In the last two weeks Caterpillar has announced the retirement of group president Rob Charter, which resulted in Ramin Younessi, becoming group president of Caterpillar’s Energy & Transportation group.  As part of that shuffle, Tom Pellette moved from Energy & Transportation back to run the Construction Industries and Bob De Lange moved over from Construction Industries to run to Customer & Dealer Support, replacing Charter.

 Most recently, Cat named Steve Ferguson a vice president of the company. He will lead the Industrial Power Systems Division (IPSD), replacing Younessi.

Bonfield most recently was group CFO and board member of National Grid plc, a British multinational electricity and gas utility company.

Prior to Bonfield’s eight years at National Grid, he was CFO at British confectionary company Cadbury plc. From 2002 to 2008, he was executive vice president and CFO of Bristol-Myers Squibb Company, an American pharmaceutical company. Bonfield’s other experience includes the role of finance director of BG Group plc and CFO of Smithkline Beecham plc. Since 2010, he has been a non-executive director and chair of the audit committee of British retailer, Kingfisher plc. Bonfield also chairs the 100 Group, which represents finance directors of the top 100 U.K. companies listed on the London Stock Exchange.