Caterpillar Inc said on Wednesday that its Chief Financial Officer Dave Burritt will retire next month as part a major management restructuring that will also lead to the departure of four other top executives.
Burritt will be replaced as CFO by Caterpillar executive Ed Rapp, who will also be responsible for several of Caterpillar's services divisions.
The world's largest maker of earth-moving equipment said that among the executives leaving on June 1 will be Jim Waters, the vice president of its Production Center of Excellence Division.
Waters currently oversees Caterpillar's adoption of Six Sigma, a popular business management system inspired by Toyota Motor Corp's <7203.T> approach to manufacturing.
Incoming Chief Executive Doug Oberhelman said in a statement that Caterpillar was changing its management structure as part of an effort to be a leaner, more responsive Caterpillar.
Those changes include consolidating some corporate divisions and reducing their number to 29 from 32.
Oberhelman, who currently oversees engines and turbines and will take the reins of the company in June, will not be replaced in his current functions as a group president, the total number of which will fall to five from six as a result.
In addition to Burritt and Waters, the following group presidents are retiring on June 1:
* Mark Pflederer, who oversees the electronics and machine systems division
* Dan Murphy, who oversees Caterpillar's global purchasing
* Rod Beeler, who oversees the company's Marketing and Product Support Center of Excellence
The electronics division will be folded into the advanced systems division.
Last week, Caterpillar reported better than expected quarterly results and raised its full-year profit and sales forecasts.
(Reporting by Phil Wahba)