April 8 (Reuters) – Caterpillar said on Wednesday that finance chief Andrew Bonfield will retire in October, and named company veteran Kyle Epley as his successor.
Bonfield joined Caterpillar in 2018 and oversaw the construction equipment firm’s shift towards AI infrastructure, helping it post record 2025 revenues while navigating a tough tariff environment.
Industrial firms were among the hardest hit by U.S. President Donald Trump’s expansive tariffs last year, slashing forecasts and raising prices. The company warned of tariff-related costs of about $2.6 billion in 2026.
Under Bonfield’s leadership, Caterpillar leaned on artificial intelligence to drive investor sentiment. Its shares gained about 60% last year, roughly four times the S&P 500’s gains in that time.
The AI-boom turned Caterpillar’s power and energy segment into its largest business by sales, surpassing its mainstay construction unit.
Incoming CFO Epley currently serves as Senior Vice President of Global Finance Services and will take over the new role in May. Since joining Caterpillar in 1996, he has held several accounting and finance leadership positions, including corporate controller.
Bonfield will remain as a senior advisor until October 1 to oversee the transition.
(Reporting by Megavarshini G. Somasundaram and Christy Santhosh in Bengaluru; Editing by Shreya Biswas and Anil D’Silva)
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