DEERFIELD, Ill., May 3, 2018 /PRNewswire/ -- Caterpillar Inc.'s (NYSE: CAT) board of directors has appointed Steve Ferguson a vice president of the company, effective June 1, 2018. He will lead the Industrial Power Systems Division (IPSD), replacing Ramin Younessi, who was recently promoted to group president of the Energy & Transportation segment. IPSD consists of all engines 18 liters and below, retail generators and Caterpillar Defense – spanning the three globally recognized brands of Cat®, Perkins and FG Wilson. Ferguson will report to Younessi.
"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 Ramin Younessi, incoming group president of Energy & Transportation. "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."
Most recently, Ferguson has been general manager of Caterpillar's Advanced Component Manufacturing business, overseeing operations at 15 global facilities. He began his career with Caterpillar as an accountant in 1990 and held positions of increasing responsibility in both machine and engine divisions including roles in pricing, business planning, financial analysis and business resources. Ferguson was based in Singapore from 2011 to 2015, first as the senior business resources manager for the Excavation Division and then as chief financial officer for the Construction Industries segment.
Ferguson holds a bachelor's degree from Eastern Illinois University and is a graduate of the Advanced Executive Program at Northwestern University's Kellogg School of Management.
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2017 sales and revenues of $45.462 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
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SOURCE Caterpillar Inc.
Caterpillar contact: Rachel Potts, Office: 224-551-4135, Mobile: 309-573-3444, Potts_Rachel_A@cat.com