UPDATE 1-Caterpillar changes top structure; CFO to retire

* 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 group
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.

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(Reporting by Phil Wahba)

UPDATE 1-Caterpillar changes top structure; CFO to retire