- Push-out Score suggests push-out forces
- After about five years on the job
- Accolades, praise and thanks for Halverson
- Search for a successor
- Halverson said 61 words
(exechange) — Peoria, Illinois, August 01, 2017 — Brad Halverson, finance chief of Caterpillar, leaves. His departure is made public at an early stage. As announced by Caterpillar Inc. in a news release and in a regulatory filing published on Tuesday, August 01, 2017, Bradley M. (Brad) Halverson leaves the post as Chief Financial Officer at the construction machinery manufacturing company in a surprising move after about five years on the job, effective March 02, 2018.
Halverson’s move comes seven months after Jim Umpleby took over as CEO of Caterpillar Inc.
Furthermore, Halverson’s move comes four months after David L. Calhoun took over as chairman of Caterpillar Inc.
Caterpillar will undertake a search for a successor.
No reason given
In the announcement, Caterpillar did not explicitly explain the reason for Halverson’s move, opening the door for speculation.
Precise information about the future plans of Halverson was not immediately available.
Caterpillar said: “On July 31, 2017, Bradley M. Halverson provided notice of his decision to retire as Group President and Chief Financial Officer of Caterpillar Inc. …, effective March 2, 2018.”
Share price rise since January 2016
The change follows a rise in the share price of Caterpillar Inc. since January 2016.
Chaired by David L. Calhoun
Caterpillar Inc. is chaired by David L. Calhoun.
Effective April 1, 2017, Calhoun became the Independent Chairman of the Board.
CEO: Jim Umpleby
Jim Umpleby serves as CEO of Caterpillar Inc. James Umpleby has been the Chief Executive Officer of Caterpillar Inc. since January 1, 2017.
On the job as CFO since 2013
Bradley M. Halverson has been the Chief Financial Officer at Caterpillar Inc. since January 1, 2013.
Prior to becoming CFO, Halverson served two years as vice president of the Finance Services Division, and before that position, he was the corporate controller.
Halverson joined Caterpillar in 1988 as an accountant.
In 1993, he moved to Geneva, Switzerland, to become a strategy and planning consultant.
He went on to become controller in Europe, responsible for Caterpillar’s financial reporting in Europe, Africa and the Middle East.
Halverson returned to the United States in 1996 to manage general accounting and financial systems.
From 1998 until 2002, Halverson was the CFO of Caterpillar’s Engine Division and was the director of Mergers & Acquisitions.
Halverson graduated with a Bachelor of Science degree in Accounting in 1982, and earned an Executive MBA in 1996, both from the University of Illinois.
He is a certified public accountant (CPA) and member of the American Institute of CPAs.
Halverson serves on the Sysco Corporation Board of Directors and is a member of the U.S. Chamber of Commerce Board.
He also serves on the Dean’s Business Council for the University of Illinois at Urbana-Champaign College of Business and the OSF St. Francis Medical Center Community Advisory Board.
Halverson is the Immediate Past Chairman of the Easter Seals of Central Illinois Board of Trustees, and he is the current Treasurer of the Easter Seals Foundation Board of Trustees.
In addition, Halverson is the Chairman of the Illinois High School Association State Basketball Tournament Steering Committee.
Generally speaking, when a top manager announces to step down with no successor available, it’s a signal that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Brad Halverson’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 32.2017 ($).