Caterpillar Announces Next CEO

Heavy equipment manufacturer Caterpillar Inc. said Thursday that Douglas Oberhelman will become its chief executive officer in July 2010.

Oberhelman is currently a group president at Caterpillar. He has been with the company for 34 years, and was chief financial officer before his current position, Caterpillar said in a statement.

Oberhelman will succeed Jim Owens, who told the company in 2008 that he plans to retire in the fall of 2010. He has been CEO of the Peoria, Ill., company since 2004.

After Oberhelman takes over on July 1, Owens will remain with the company as a chairman until Oct. 31.