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News October 11, 2001
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Five Caterpillar Inc

Five Caterpillar Inc. executives, including group president Gerald Flaherty, plan to retire at the end of the year. The company plans to consolidate some of their responsibilities.

The pending retirements also include vice presidents James Despain, Michael Flexsenhar, Sig Ramseyer and Rennie Atterbury III.

Flaherty, who has been with the heavy equipment manufacturer for 42 years, will be replaced by group president James Owens, who will continue to oversee the systems and processes division while taking responsibility for product support and logistics, component products and control systems, Latin America and Human Services.

Doug Oberhelman was named group president to replace Owens and will look over legal services, financial products, Shin Caterpillar Mitsubishi Ltd., Asia-Pacific, corporate auditing and compliance and corporate services. He also will oversee a new division intended to consolidate purchasing and procurement to reduce costs and improve quality.

Additionally, Caterpillar is consolidating the performance engine products division and the large engine products and fuel systems division.

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