Cummins Inc. (NYSE: CMI) announced today that Joe Loughrey, President
and Chief Operating Officer, will retire from Cummins in March 2009.
Effective this Aug. 1, Loughrey will become Cummins Vice Chairman and
remain a member of the Board of Directors until his retirement.
“Shortly after my 35th
anniversary with Cummins, I will retire from the Company,”
Loughrey told Cummins employees today. “I have
planned the date of my departure for more than two years as part of
ongoing and regular succession discussions with the Board of Directors.
“With Tim [Solso]
continuing in his role as Chairman, and the two of us being too close in
age for me to replace him, my retirement gives the Board ample
opportunity to observe and evaluate potential future leaders of the
Company,” Loughrey added.
Loughrey has been President and COO of Cummins, the world’s
largest independent diesel engine manufacturer, since May 2005.
Loughrey, who also serves on the Company’s
Board of Directors and on the Board of the Cummins Foundation, joined
Cummins in 1974. He was named President of the Engine Business in 1999,
a position he held until assuming his current role. Prior to that role,
he was Chief Technical Officer and Group President - Industrial for the
Engine Business from 1996 to 1999.
During Loughrey’s career, Cummins - based in
Columbus, Indiana - has grown into a Fortune 250 company that serves
customers in more than 190 countries and territories through a network
of 5,000 distributor and dealer locations. Cummins 38,700 employees
generated more than $13 billion in sales in 2007. More than half of
those sales were made outside the United States.
“Joe’s 35 years
with the Company provide us with a remarkable legacy,”
said Tim Solso, Cummins Chairman and Chief Executive Officer. “Without
his tireless efforts, his unrelenting pursuit of excellence and his
extraordinary personal commitment to Cummins, the Company would not have
achieved the success it has today.”
Along with his responsibilities at Cummins, Loughrey, a graduate of the
University of Notre Dame, is recognized as a leading proponent of
advanced manufacturing, both in Indiana and nationally. He is a member
and past Chairman of the Manufacturing Institute, the educational arm of
the National Association of Manufacturers, as well as Chairman of
Conexus Indiana, an organization dedicated to bringing manufacturing and
logistics jobs to Indiana.
He also is a member of the Board of Sauer-Danfoss, Inc. and the Columbus
Community Education Coalition.
