Caterpillar (NYSE: CAT) taps veteran Kyle Epley as new CFO
Rhea-AI Filing Summary
Caterpillar Inc. is implementing a planned chief financial officer transition. The Board appointed longtime executive Kyle Epley as CFO effective May 1, 2026, succeeding Andrew R.J. Bonfield, who will retire on October 1, 2026 after eight years with the company. Bonfield will remain CFO until May 1 and then serve in an advisory role through his retirement to support a smooth handover.
The company highlights that Bonfield’s tenure coincided with record financial performance, including the highest full-year 2025 sales and revenues of $67.6 billion and a single-quarter record of $19.1 billion in the fourth quarter of 2025. Epley, currently senior vice president of Global Finance Services and a Caterpillar employee since 1996, brings broad experience across corporate finance, divisional CFO roles and the controller function to lead the finance organization.
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Insights
Caterpillar outlines an orderly CFO succession after a strong performance period.
Caterpillar is moving from CFO Andrew Bonfield to internal successor Kyle Epley with clear dates and an advisory overlap through October 1, 2026. This signals a structured leadership transition rather than an abrupt departure.
The company links Bonfield’s tenure to record results, including $67.6 billion in 2025 sales and revenues and a single-quarter record of $19.1 billion in Q4 2025. Positioning the change against this backdrop suggests continuity of the current financial strategy.
Epley’s nearly three decades at Caterpillar and prior roles as corporate controller, division CFO and head of Global Finance Services indicate deep institutional knowledge. Future disclosures may show how his leadership influences capital allocation, margin focus and support for the company’s Power & Energy, Construction Industries and Resource Industries segments.
8-K Event Classification
Key Figures
Key Terms
Chief Financial Officer financial
advisory role financial
record financial performance financial
sales and revenues financial
Global Finance Services Division financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of New Chief Financial Officer
On April 8, 2026, Caterpillar Inc. (the “Company”) announced that, on April 7, 2026, the Board of Directors (the “Board”) of the Company appointed Kyle Epley as the Company’s Chief Financial Officer, effective May 1, 2026, succeeding Andrew R.J. Bonfield. Mr. Bonfield will continue to serve as Chief Financial Officer until May 1, 2026, at which point he will remain an employee through his retirement from the Company on October 1, 2026. A copy of the Company’s press release announcing these changes is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Mr. Epley, 53, currently serves as a senior vice president of the Company, responsible for the Global Finance Services Division, a position he has held since 2019. Mr. Epley joined Caterpillar in 1996 and progressed through various positions of increasing responsibility across the global enterprise, including financial planning and analysis manager, corporate forecasting business manager, and cost and business analysis manager. He also served as division chief financial officer for both the Electronics & Machine Systems Division and the Industrial Power Systems Division, as well as the group chief financial officer for the Customer & Dealer Support segment. He became corporate controller in 2017 and assumed leadership of the Global Finance Services Division in 2019.
In connection with Mr. Epley’s elevation, the Compensation and Human Resources Committee of the Board also approved certain changes to Mr. Epley’s compensation:
| · | An increase in Mr. Epley’s annual salary to $930,500, effective May 1, 2026; |
| · | An increase in Mr. Epley’s target award under the Company’s Annual Incentive Plan was set at 115% of his base salary; and |
| · | A long-term incentive grant with a grant date fair value of $1.8 million, one-half of which was comprised of performance-based restricted stock units, one-quarter of which was comprised of non-qualified stock options and one-quarter of which was comprised of time-based restricted stock units. |
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits: | ||
| The following is furnished as an exhibit to this report: | |||
| 99.1 | Caterpillar Inc. press release dated April 8, 2026 | ||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CATERPILLAR INC. | ||
| April 10, 2026 | By: | /s/ Derek Owens |
| Derek Owens | ||
| Chief Legal Officer and General Counsel | ||
Exhibit 99.1
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News |
FOR IMMEDIATE RELEASE
Caterpillar Elects New Chief Financial Officer
IRVING, Texas, April 8, 2026 – Caterpillar Inc. (NYSE: CAT) announced today that Chief Financial Officer (CFO) Andrew Bonfield has elected to retire effective Oct. 1, 2026, following eight years with the company. Caterpillar veteran Kyle Epley has been appointed CFO effective May 1, 2026, at which time Bonfield will assume an advisory role for the remainder of the transition.
Bonfield was named 2025 CFO of the Year by the CFO Leadership Council and Chief Executive Group. His planned retirement follows a period of record financial performance and transformation for the company. During Bonfield’s tenure, Caterpillar strengthened its robust operating and execution model and delivered consistently strong returns for shareholders, including the highest full-year sales and revenues in Caterpillar's history and a single-quarter record of $19.1 billion for the fourth quarter of 2025.
“Andrew’s leadership has been instrumental to Caterpillar’s success,” said Joe Creed, Caterpillar chairman and CEO. “He brought exceptional financial expertise, a relentless focus on disciplined decision-making and a deep commitment to our customers and shareholders. With Andrew at the forefront, our global finance organization became a strategic advantage for the enterprise, and his impact will be felt long after his retirement.”
As part of a seamless transition, Bonfield will serve in an advisory role through Oct. 1, 2026.
Epley brings nearly three decades of Caterpillar experience to the role. Currently serving as senior vice president of Global Finance Services, he leads a global team managing enterprise-wide finance operations, strategy, planning, treasury, pricing, real estate and facilities. Throughout his career, Epley has held several senior finance leadership roles across the company, including division CFO and corporate controller, giving him extensive operational and financial insight across Caterpillar’s diverse businesses.
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“Kyle is an outstanding leader with deep institutional knowledge and a proven track record of working with the business to drive results,” Creed said. “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.”
Bonfield shares strong support for his successor and optimism about the company’s direction.
“It has been a privilege to serve as Caterpillar’s CFO and to work alongside such a talented team,” said Bonfield. “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.”
Media Contact: Tiffany Heikkila, tiffany.heikkila@cat.com, 832-573-0958
About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company’s primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers’ toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team.
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