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Caterpillar Chairman and CEO Jim Umpleby (left) will become Executive Chairman of the Board effective May 1. COO Joe Creed will succeed him as CEO.

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Caterpillar Inc. said Joe Creed, a 28-year veteran of the U.S. machinery manufacturer, will be its next CEO.

Creed will start in the top job on May 1, while current CEO Jim Umpleby will become executive chairman, Caterpillar said April 15 in a statement.

Creed, who has held several senior roles at the company and is currently its chief operating officer, steps up at a time of heightened uncertainty for Caterpillar. The company warned in January that full-year revenue will be slightly lower, due to declines in sales from its construction and natural resources segments.

That outlook was made before President Donald Trump announced import tariffs. The company’s shares have dipped 18% this year.

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