Caterpillar Inc. confirmed that Chief Financial Officer Andrew Bonfield will retire effective October 1, 2026, and that veteran finance executive Kyle Epley will assume the CFO role effective May 1, 2026. Bonfield, who has served as CFO since 2018, will continue in an advisory capacity through the transition.
Bonfield’s eight‑year tenure has been marked by a focus on operational discipline and shareholder returns. He has overseen record financial performance, including 2025 sales of $67.6 billion and a single‑quarter record of $19.1 billion in Q4. The company’s backlog reached $51 billion, the highest on record, and the Power & Energy segment grew 23% year‑over‑year, driven by demand from AI data centers.
Epley brings nearly three decades of experience within Caterpillar, having served as division CFO and corporate controller. He is known for his customer‑focused mindset and deep institutional knowledge. In his new role, he will build on the firm’s disciplined decision‑making and continue to support profitable growth and long‑term value creation.
Management highlighted the significance of the transition. CEO Joe Creed said, "Our centennial year marked a significant milestone, underscored by the highest full‑year sales and revenues in Caterpillar's history and a single‑quarter record of $19.1 billion." Bonfield added, "It has been a privilege to serve as Caterpillar's CFO and to work alongside such a talented team. Kyle is the right leader for this next chapter. He brings the experience, judgment and customer‑focused mindset needed to help Caterpillar continue to deliver profitable growth and create long‑term value. I look forward to supporting him during the transition and watching Caterpillar continue to thrive." Creed also noted, "Kyle is an outstanding leader with deep institutional knowledge and a proven track record of working with the business to drive results. He understands our strategy, our culture and our mission of solving our customers' toughest challenges. I have great confidence in Kyle's ability to build on our strong foundation to lead Caterpillar's finance organization into the future."
The CFO transition signals continuity and confidence in Caterpillar’s financial stewardship. With Epley’s deep experience and the company’s record backlog, the organization is positioned to sustain momentum in its Power & Energy expansion and to maintain disciplined capital allocation. Investors have responded positively to the announcement, reflecting confidence in the leadership change and the company’s strategic trajectory.
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