Caterpillar chairman and CEO to retire

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Caterpillar chairman and CEO to retire

Glen A. Barton, chairman and CEO of Caterpillar Inc., has elected to retire Jan. 31, 2004, after five years as chairman and chief executive officer.

The Caterpillar Inc. board of directors today appointed James W. Owens vice chairman and named him the next chairman and chief executive officer of Caterpillar Inc.

"Jim brings a broad understanding of Caterpillar's business strategy as group president for a diverse set of business units," said Barton. "His education and experience…uniquely qualify him for the challenges Caterpillar faces in a complex global economy.”

With 2002 sales and revenues of $20.15 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, clean diesel and natural gas engines and industrial gas turbines.

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