New CEO at Caterpillar

Jim Umpleby has been named CEO at heavy equipment manufacturer Caterpillar. Umpleby takes over from Doug Oberhelman, who stepped down Dec. 31, 2016. A 30-year employee with Caterpillar, Umpleby takes over during a difficult time, as the company has shed some 14,000 jobs since 2015 in the wake of slumping oil and gas prices.