Caterpillar leader to retire earlier than expected

Caterpillar Inc. Chairman and CEO Doug Oberhelman is retiring earlier than expected.

The decision comes after ill-timed bets on China and mining tipped the equipment maker into its longest-ever sales decline.

Oberhelman will step down as CEO Dec. 31 and as executive chairman at the end of March. Caterpillar's traditional CEO retirement target is 65. Oberhelman is 63.

Jim Umpleby, a 35-year company veteran who runs the engine business, will succeed Oberhelman as CEO.

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