Caterpillar has announced its choices for two company leadership roles with Andrew Bonfield tapped as the company’s next chief financial officer and Steve Ferguson as the next vice president of Industrial Power Systems.
Bonfield, a British utilities company executive will take over the CFO role September 1. The Caterpillar board of directors appointed Bonfield following the retirement of Brad Halverson on Friday, May 4.
With more than three decades of financial expertise, Bonfield most recently served as group CFO and board member of National Grid, a British multinational electricity and gas utility company. Caterpillar says it conducted an extensive global search to fill the CFO position.
“Andrew’s global financial experience across a variety of industries will serve Caterpillar and our stakeholders well,” says CEO Jim Umpleby. “We look forward to him joining our executive office.”
Before Bonfield’s eight years at National Grid, he was CFO at British confectionary company Cadbury. From 2002 to 2008, he was executive vice president and CFO of Bristol-Myers Squibb pharmaceutical company.
His experience also includes serving as finance director of BG Group plc and CFO of Smithkline Beecham. And since 2010, Bonfield has been a non-executive director and chair of the audit committee of British retailer Kingfisher.
Bonfield also chairs the 100 Group, which represents finance directors of the top 100 U.K. companies listed on the London Stock Exchange (LDNXF).
He’s a chartered accountant (which means he’s internationally recognized for his accounting qualifications) with a bachelor’s degree from the University of Natal in Durban, South Africa, Caterpillar says.
Joe Creed, finance services division vice president, named interim CFO
Effective immediately, the board of directors has appointed Finance Services Division Vice President Joe Creed as interim CFO, a role he will assume in addition to his vice president duties.
“Joe’s experience as vice president of the Financial Services Division makes him well suited to serve as interim CFO,” notes Umpleby. ” He will bring the necessary leadership and continuity to this important transition,” Umpleby says.
Creed, who joined Caterpillar in 1997, has held numerous leadership positions within Caterpillar, including as CFO for the energy and transportation segment prior to becoming vice president of the Financial Service Division last year. He’s a certified public accountant with a bachelor’s degree from Western Illinois University.
Once Bonfield joins Caterpillar, Creed will continue serving as FSD vice president.
Ferguson tapped as new head of Industrial Power
Following the announcement of Customer and Dealer Support Group president Rob Charter’s retirement, Cat reorganized its group presidents. Bob De Lange will replace Charter to lead customer and dealer support, former Energy and Transportation group president Tom Pellette will replace De Lange as the group president of Construction Industries, and Ramin Younessi will replace Pellette as the head of Energy and Transportation. Younessi is the former head of Cat’s Industrial Power Systems Division (IPSD) and Cat has announced Steve Ferguson as his replacement, effective June 1.
Industrial Power Systems consists of all engines 18 liters and below, the company’s retail generators and Caterpillar Defense products. As the head of IPSD, Ferguson will oversee Cat, Perkins and FG Wilson brands of engines. Ferguson will report to Younessi.
Ferguson most recently served as general manager of cat’s Advanced Component Manufacturing business and began his career at Cat in 1990. He holds a bachelor’s degree from Eastern Illinois University and is a graduate of the Advanced Executive Program at Northwestern Univerity’s Kellogg School of Management.
“Steve has been delivering great results by driving lean and flexible cost-competitive component manufacturing operations at Caterpillar facilities around the world – experience that will be an excellent fit for his new role leading IPSD,” said Younessi. “Combined with his business and finance background, focus on safety and quality, and ability to connect with customers, Steve will provide exemplary leadership for this exciting and diverse group.”