Joe Creed
Overview
Joe Creed | |
|---|---|
 | |
| Born | c. 1975 |
| Citizenship | United States |
| Education | Bachelor's degree in accounting |
| Alma mater | Western Illinois University |
| Occupation | Business executive |
| Employer | Caterpillar Inc. |
| Known for | Chief executive officer of Caterpillar Inc. |
| Title | Chief executive officer |
| Term | 2025–present |
| Predecessor | Jim Umpleby |
| Board member of | Caterpillar Inc. |
🌍 Joe Creed (born c. 1975) is an American business executive who became chief executive officer (CEO) of Caterpillar Inc. on May 1, 2025, succeeding long-serving chairman and CEO Jim Umpleby after a planned leadership transition.[1] A native of central Illinois and a graduate of Western Illinois University, he joined Caterpillar in 1997 as an accounting recruit and spent his entire professional career at the company before reaching its top post.[2][3] Known inside the firm as a “company man” with both finance and operating experience, Creed rose through roles in corporate accounting, financial services, and the Energy & Transportation division before being appointed Caterpillar’s first modern chief operating officer (COO) in 2023 and its CEO two years later.[2][4]
📈 Bridge between finance and operations. Creed’s career has been marked by an unusual pivot from specialist finance roles into front-line operating leadership, a shift he has described as the most significant risk of his professional life.[5] After serving as chief financial officer (CFO) for Caterpillar’s Energy & Transportation segment and leading the company’s Financial Services Division, he assumed responsibility for businesses spanning oil and gas, marine and electric power, and later the entire Energy & Transportation group, overseeing record results and investments in advanced power systems, including battery and electrification initiatives.[2] As CEO he has sought to link Caterpillar’s legacy in heavy machinery with growth in services and integrated energy solutions, including backup and distributed power for data centres and other customers facing rising electricity demand in the era of artificial intelligence and digital infrastructure.[1][5]
🏗️ Steward of Caterpillar’s second century. Creed assumed the chief executive role in 2025 as Caterpillar marked its centennial, positioning him as the leader charged with guiding the company into what its board and management have described as its “second century” of supporting global infrastructure and energy projects.[1] His early tenure coincided with historically high profitability, including all-time records in adjusted earnings per share under his predecessor, and a strong market reaction to his succession as CEO, with Caterpillar’s shares reaching new highs following robust results in the Energy & Transportation segment he formerly led.[1][5] Public profiles have portrayed Creed as a low-key, people-focused leader who emphasises listening to employees and customers, maintaining Caterpillar’s Midwestern roots even as its headquarters and his own household have relocated to the Dallas–Fort Worth area of Texas.[5][6]
Early life and education
🧒 Central Illinois background. Publicly available information on Creed’s early life is limited, but company and press accounts consistently associate him with central Illinois, the long-time home region of Caterpillar’s manufacturing operations and corporate headquarters.[6] He has spoken about his attachment to the area and, after Caterpillar’s decision to move its headquarters to Texas, emphasised that Peoria would “always be home” to the company, underscoring his personal and professional ties to the region.[6][2]
🎓 Accounting studies at Western Illinois University. Creed attended Western Illinois University, a public institution in Macomb, Illinois, where he studied accounting and earned a bachelor’s degree in 1997.[3] He has later credited the discipline with giving him a strong analytical foundation for corporate finance and management, noting that an accounting background helped him understand how strategic and operational decisions flow through to financial performance.[2] As an alumnus he has remained engaged with the university, serving on the President’s National Advisory Council and contributing his experience as a senior executive to institutional governance and outreach.[2]
Career
💼 Entry into Caterpillar and rise through finance roles. Shortly after graduating in 1997, Creed joined Caterpillar in an accounting position, beginning what would become a career of almost three decades with the same company.[2][3] Over the following years he held a series of finance and management roles, gaining experience in corporate reporting, planning and segment-level financial oversight. By 2013 he had advanced to the role of chief financial officer for Caterpillar’s Energy & Transportation (E&T) segment, one of the company’s largest business units, where he was responsible for financial management across global engine and power systems operations.[2]
📊 Financial Services Division and interim corporate CFO. In 2017 Caterpillar’s board elected Creed as a company vice president and placed him in charge of Caterpillar Financial Services, the subsidiary that provides equipment financing and related services to dealers and customers worldwide.[2] The role broadened his exposure to credit, risk management and the company’s dealer network, and positioned him as a key contributor to Caterpillar’s services-growth strategy. During a leadership transition in 2018 he also briefly served as interim chief financial officer for Caterpillar Inc., giving him temporary responsibility for corporate-wide financial reporting, capital allocation and investor relations.[2]
⚙️ Shift into operating leadership. In 2019 Creed undertook a significant career shift from finance into operating management when he was named vice president responsible for Caterpillar’s Oil & Gas and Marine business, along with the Electric Power division.[2] The portfolio placed him in charge of product and commercial decisions in markets exposed to commodity cycles and evolving energy technologies, including large engines, generator sets and related services. He later described the move from finance to line leadership as the biggest risk of his professional life, remarking that stepping beyond his technical comfort zone forced him to develop new skills in operations, customer engagement and people leadership.[5]
🔋 Group president for Energy & Transportation. In 2021 Creed was promoted to group president of Energy & Transportation, overseeing a segment that includes engines and turbines for oil and gas, power generation, marine, rail and industrial applications.[2] Under his leadership the division achieved record financial performance and expanded its focus on advanced power solutions, including work on improving power density in engines and the creation of a dedicated battery and advanced power systems unit to support electrification and hybrid offerings.[2][1] The segment also pursued targeted acquisitions to enhance Caterpillar’s capabilities in oil and gas services and distributed power generation, reflecting a strategy of complementing legacy products with new technology and services.[2]
🏢 Chief operating officer. As part of succession planning, Caterpillar’s board created the position of chief operating officer in November 2023 and appointed Creed as the first COO in the company’s modern history.[1][4] In this role he was charged with overseeing day-to-day operations across Caterpillar’s major segments, effectively serving as second-in-command to the CEO. The COO position gave Creed enterprise-wide responsibility for executing Caterpillar’s strategy, managing supply chains and manufacturing, and aligning segment performance with corporate financial targets.[2] Observers and business media characterised the appointment as a clear signal that he was the leading internal candidate to succeed Umpleby.[5][4]
👔 Appointment as CEO. On 15 April 2025 Caterpillar announced that its board had elected Creed as chief executive officer, effective 1 May 2025, and that Umpleby would transition to executive chairman.[1][7] The company described the move as the culmination of a “multi-year, methodical succession planning process” and highlighted Creed’s nearly 28 years of service, broad leadership experience and track record in the Energy & Transportation segment.[1] External coverage noted that his elevation came as Caterpillar’s headquarters shift from Illinois to Irving, Texas, was settling in, making Creed the first CEO to lead the company from its new base in the Dallas–Fort Worth metropolitan area.[4][5]
Strategy and leadership priorities
⚡ Energy transition and power demand. Drawing on his background in Energy & Transportation, Creed has emphasised the growing importance of power solutions in Caterpillar’s portfolio, particularly as global electricity demand rises with the expansion of data centres and other energy-intensive digital infrastructure.[5] He has highlighted opportunities for Caterpillar to supply integrated systems that combine traditional turbines and diesel generator sets with battery storage and advanced controls, positioning the company as a provider of reliable power in a world of intermittent renewable generation and evolving grid dynamics.[1][2]
🏭 Operational excellence and services growth. In public statements, Creed has outlined a strategy centred on operational excellence, disciplined capital allocation and growth in service-based revenue streams, such as maintenance contracts, parts, and digital solutions that extend the life and productivity of Caterpillar equipment.[1][2] He has supported continued investment in manufacturing capabilities and supply chain resilience, while seeking to expand the company’s installed base of connected assets and to monetise data and analytics through performance-based offerings for customers in construction, mining and energy markets.[2][5]
🌱 Sustainability and ESG commitments. Creed has framed sustainability as one of the pillars of Caterpillar’s strategy for “profitable growth”, aligning with corporate goals to reduce greenhouse-gas emissions intensity and to support customers’ own decarbonisation efforts.[2][1] Under his leadership the company has continued to develop lower-emission engines, hybrid and electric equipment, and solutions that enable more efficient fuel use, while acknowledging the challenge of balancing the needs of traditional customers in carbon-intensive industries with regulatory and investor pressure to accelerate the transition to cleaner technologies.[2][8]
📈 Financial performance and market reception. Caterpillar entered Creed’s tenure as CEO following several years of strong financial performance, including a 2024 record in adjusted profit per share that was more than six times the level recorded when Umpleby became CEO.[1] In 2025, during Creed’s initial months in the top role, the company reported results that exceeded analysts’ expectations, with the Energy & Transportation segment posting double-digit revenue growth amid heightened demand for power solutions.[5] Investor reaction was positive, with Caterpillar’s share price reaching historic highs after earnings releases and commentary that underscored continuity in strategy alongside an increased emphasis on services and energy-related growth opportunities.[5][4]
💰 Executive pay as COO. Before becoming CEO, Creed’s compensation reflected his senior executive position as COO of a large multinational company. In the last full year prior to his promotion, his total pay was reported at approximately US$11.1 million, including a base salary of about US$1.1 million, an annual incentive bonus of roughly US$1.9 million and equity-based awards valued at more than US$7.7 million.[9] The structure of the package, heavily weighted toward stock awards and options, aligned his personal wealth with Caterpillar’s long-term share price performance.[9]
📊 CEO compensation framework. Following his election as CEO, Caterpillar’s board approved an increase in Creed’s base salary to US$1.5 million per year effective May 1, 2025, and set his target annual incentive opportunity at 160 per cent of base pay under the company’s short-term incentive plan.[7] In connection with the transition the board’s Compensation Committee also granted him a long-term incentive award valued at US$5.5 million, delivered through a mix of performance-based restricted stock units, stock options and time-vested restricted shares intended to reward multi-year achievements against financial and strategic metrics.[7] The company disclosed these elements in a Form 8-K filing with the U.S. Securities and Exchange Commission, consistent with regulatory requirements for executive pay transparency.[7]
📉 Share ownership and alignment with shareholders. As of early 2025 Creed beneficially owned more than 97,000 shares of Caterpillar Inc., according to the company’s proxy statement, representing a stake worth tens of millions of dollars at then-prevailing market prices but still less than 1 per cent of outstanding shares.[8] The filing also indicated that his share ownership far exceeded the minimum stockholding guidelines set by Caterpillar for senior executives, reinforcing the alignment between his personal financial interests and those of long-term shareholders.[8] His accumulation of shares over a career spanning nearly three decades at the company contrasted with the fortunes of some peers whose wealth was built primarily through entrepreneurial ventures or multiple corporate appointments.[8][2]
Personal life
🏡 Family and relocation to Texas. Creed maintains a relatively private personal life and has disclosed few details publicly about his family. Company filings describe him as married and record that a brother-in-law was employed by Caterpillar as a manager until early 2025, when the relationship ended and the individual received a separation package as Creed prepared to become CEO, a step intended to avoid any appearance of conflict of interest.[7] After Caterpillar’s headquarters relocation, Creed and his family moved from Illinois to the Dallas–Fort Worth area, where they have been reported to enjoy aspects of Texas culture, including local barbecue restaurants in the suburb of Southlake.[5]
🎵 Interests and leisure. Profiles of Creed highlight interests that reflect a relatively low-key lifestyle for a Fortune 100 chief executive. He has described himself as a “huge fan of live music”, particularly country and rock, and singled out a small acoustic performance by the Zac Brown Band as one of his favourite concert experiences because of its informal, close-up atmosphere.[5] In media interviews he has also mentioned ice cream as a personal indulgence or “guilty pleasure”, adding a light-hearted detail to a public image otherwise dominated by corporate responsibilities.[5]
🤝 Community involvement and philanthropy. Beyond his corporate roles, Creed has participated in community and charitable activities, particularly in central Illinois. He has served as a board member and past chairman of Easterseals Central Illinois, a non-profit organisation that provides services for children and adults with disabilities, and has been associated with fundraising campaigns in which Caterpillar employees and retirees contributed substantial sums to support local programmes.[2] His membership on the President’s National Advisory Council of Western Illinois University has similarly enabled him to contribute to educational initiatives in his home state.[2][3]
Leadership style and workplace culture
🧑💼 People-centred leadership philosophy. Creed has often articulated a leadership philosophy that places heavy emphasis on developing talent and building strong teams, stating that leaders have “no higher calling than building great teams and developing talent” and urging managers to invest in the growth of their people.[5] Colleagues and profiles have portrayed him as humble and approachable, more inclined to attribute Caterpillar’s success to “our incredible people” than to individual accomplishments, and as someone who prefers substantive conversations about operations and customers to public self-promotion.[2][5]
👂 Emphasis on listening and field engagement. Creed has described listening as one of the most important tools available to leaders, arguing that listening carefully to employees can reveal “new and better ways of working” and that listening to customers helps keep the company grounded in solving their most difficult problems.[5] During his time leading divisions and segments he was known to spend considerable time visiting Caterpillar facilities and customer job sites, where he sought feedback from front-line staff and operators as part of efforts to improve products and service delivery.[2][5]
🧠 Curiosity, accountability and mentoring. Creed has encouraged employees to “get comfortable being slightly uncomfortable”, promoting curiosity and a willingness to challenge assumptions as means of driving innovation and avoiding complacency.[5] He has participated in mentoring and outreach activities, including sessions with interns and new hires in which he has discussed his own career path from state-school graduate to senior executive and offered advice on continuous learning, teamwork and integrity in decision-making.[10] Observers note that he tends to communicate in a measured tone often associated with his Midwestern upbringing, combining clear expectations for performance with an insistence on honesty, safety and respect in the workplace.[5][2]
Controversies and challenges
⚖️ Headquarters relocation and ties to Illinois. Creed’s own career has not been associated with personal scandals or major public controversies, but he has inherited sensitive issues linked to Caterpillar’s strategic decisions. Chief among these is the relocation of the company’s headquarters from Illinois, where it had been based for nearly a century, to Irving, Texas, a move that pre-dated his appointment as CEO and provoked disappointment among some residents and employees in central Illinois.[4] As a native of the region, Creed has sought to reassure local stakeholders by emphasising Caterpillar’s ongoing commitment to its historic home and by stating that Peoria would “always be home” to the company, even as senior leadership operates from Texas and the firm continues to expand globally.[6] Critics argue that maintaining deep ties to Illinois will require continued investment and job retention, tests that will unfold over his tenure.
🌍 Environmental, social and governance pressures. As CEO of a manufacturer of heavy equipment and diesel engines, Creed faces ongoing scrutiny from investors, regulators and activists concerned about climate change and the social impacts of large industrial companies.[8] Caterpillar has announced emissions-reduction ambitions and promoted lower-carbon product offerings, but must reconcile these goals with the needs of customers in sectors such as mining, construction and oil and gas that depend on combustion engines and high-horsepower equipment.[2] At the company’s 2025 shareholders’ meeting, some investors advanced proposals reflecting divergent views on environmental, social and governance (ESG) issues, including at least one resolution calling for an end to diversity, equity and inclusion initiatives, which the board opposed.[8] Creed has not taken prominent public positions on broader political questions but has reiterated Caterpillar’s commitments to safety, integrity, respect and inclusion as core values guiding corporate conduct.[1][2]
🏢 Workplace culture and post-pandemic practices. Like many large employers, Caterpillar has had to adjust its workplace practices in the wake of the COVID-19 pandemic, balancing remote work preferences with management’s desire for in-person collaboration. Under Creed’s leadership, the company has moved toward clearer expectations for physical presence in offices and facilities, framing these changes as important for innovation and mentorship while also acknowledging employee concerns about flexibility.[5] As of late 2025 there had been no widely reported labour actions or major internal conflicts directly linked to these policies, but the evolution of Caterpillar’s work culture remains a subject of interest as industrial firms compete for talent in engineering and technology fields.[5][2]
Legacy and reception
🧭 Role in Caterpillar’s centennial transition. Creed’s elevation to CEO coincided with Caterpillar’s 100th anniversary, giving his tenure symbolic significance as the beginning of a new chapter in the company’s history.[1] In official communications he has linked current strategy to the legacy of earlier generations of employees and leadership, expressing confidence that the firm will continue “helping our customers build a better, more sustainable world” in its second century.[1] Internally, his status as a long-time employee who rose from entry-level accounting roles to the chief executive position has been cited as evidence of Caterpillar’s capacity to develop and promote talent from within.[2][3]
🏅 Perception among business media and peers. Business publications in Texas and the broader United States have included Creed in lists of influential regional executives, such as D Magazine’s “Dallas 500”, highlighting both his leadership of a major employer in North Texas and his influence over global infrastructure and energy markets through Caterpillar’s products and services.[5] Coverage has generally portrayed him as a disciplined, low-profile leader who combines financial acumen with operational knowledge and who is focused on long-term value rather than short-term visibility.[5][4] Early investor responses to his leadership have been shaped largely by the continuation of strong financial results and the company’s efforts to position itself at the intersection of industrial equipment, services and the energy transition.[1][5]
References
- ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 1.13 1.14 1.15 "Caterpillar Chairman Jim Umpleby to Become Executive Chairman; COO Joe Creed Elected as CEO". Caterpillar Inc. Retrieved 2025-11-20.
- ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 2.12 2.13 2.14 2.15 2.16 2.17 2.18 2.19 2.20 2.21 2.22 2.23 2.24 2.25 2.26 2.27 2.28 2.29 "Joseph (Joe) E. Creed". Caterpillar Inc. Retrieved 2025-11-20.
- ↑ 3.0 3.1 3.2 3.3 3.4 "WIU Alum Named CEO of Caterpillar". Western Illinois University. Retrieved 2025-11-20.
- ↑ 4.0 4.1 4.2 4.3 4.4 4.5 4.6 "North Texas-Based Caterpillar Announces CEO Transition, COO to Take Helm". Dallas Innovates. Retrieved 2025-11-20.
- ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 5.11 5.12 5.13 5.14 5.15 5.16 5.17 5.18 5.19 5.20 5.21 5.22 5.23 5.24 "Meet the Dallas 500: Joe Creed, Caterpillar's New CEO". D Magazine. Retrieved 2025-11-20.
- ↑ 6.0 6.1 6.2 6.3 "Peoria will 'always be home' to Caterpillar, CEO Joe Creed says". Peoria Journal Star via X. Retrieved 2025-11-20.
- ↑ 7.0 7.1 7.2 7.3 7.4 "Caterpillar Inc. Form 8-K (CEO Transition)". U.S. Securities and Exchange Commission. Retrieved 2025-11-20.
- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 "Caterpillar Inc. Definitive Proxy Statement". U.S. Securities and Exchange Commission. Retrieved 2025-11-20.
- ↑ 9.0 9.1 "Chief Operating Officer Joseph E. Creed salary at Caterpillar Inc". Salary.com. Retrieved 2025-11-20.
- ↑ "#iamcaterpillar". LinkedIn. Retrieved 2025-11-20.