CORRECTED – UPDATE 1-Caterpillar CFO to retire in rank reshuffle

(Corrects 8th paragraph in May 5 story to clarify that
Pflederer, Murphy and Beeler are vice presidents at Caterpillar
not group presidents.)

* CFO Burritt stepping down June 1, Ed Rapp replaces

* Number of corporate divisions to fall to 29 from 32

* Caterpillar’s Six Sigma VP Waters also stepping down

NEW YORK, May 5 (BestGrowthStock) – Caterpillar Inc (CAT.N: ) said on
Wednesday that its Chief Financial Officer Dave Burritt will
retire next month as part a major management restructuring that
will also lead to the departure of four other top executives.

Burritt will be replaced as CFO by Caterpillar executive Ed
Rapp, who will also be responsible for several of Caterpillar’s
services divisions.

The world’s largest maker of earth-moving equipment said
that among the executives leaving on June 1 will be Jim Waters,
the vice president of its Production Center of Excellence
Division.

Waters currently oversees Caterpillar’s adoption of Six
Sigma, a popular business management system inspired by Toyota
Motor Corp’s (7203.T: ) approach to manufacturing.

Incoming Chief Executive Doug Oberhelman said in a
statement that Caterpillar was changing its management
structure as part of an effort to be “a leaner, more responsive
Caterpillar.”

Those changes include consolidating some corporate
divisions and reducing their number to 29 from 32.

Oberhelman, who currently oversees engines and turbines and
will take the reins of the company in June, will not be
replaced in his current functions as a group president, the
total number of which will fall to five from six as a result.

In addition to Burritt and Waters, the following vice
presidents are retiring on June 1:

* Mark Pflederer, who oversees the electronics and machine
systems division

* Dan Murphy, who oversees Caterpillar’s global purchasing

* Rod Beeler, who oversees the company’s Marketing and
Product Support Center of Excellence

The electronics division will be folded into the advanced
systems division.

Last week, Caterpillar reported better than expected
quarterly results and raised its full-year profit and sales
forecasts. [ID:nN26212283]

Investment Research

(Reporting by Phil Wahba)

CORRECTED – UPDATE 1-Caterpillar CFO to retire in rank reshuffle