Caterpillar Inc. today announced that Tony Fassino, group president of Construction Industries, will retire effective May 31, 2026, after a 30-year tenure. Rod Shurman, currently senior vice president of Building Construction Products (BCP), will assume the group president role on February 1, 2026, while Fassino transitions to “group president, retired” through May 31. This dual-phased handover is designed to ensure uninterrupted execution of initiatives across the Earthmoving, Excavation, BCP, China Operation, Cat Rental & Used, and Customer Solutions divisions, as well as the Construction Industries Supply Management group.

Rod Shurman brings nearly three decades of engineering, service and operations leadership to his new role. Since joining Caterpillar in 1997, he has overseen the Oil & Gas and Electrification & Energy Solutions divisions, and most recently provided global direction for the compact equipment and attachments business within BCP. Investors should note Shurman’s proven track record in optimizing manufacturing efficiency and his focus on customer-centric solutions, which are critical as construction equipment demand faces pressure from infrastructure spending patterns and sustainability mandates.

Under Fassino’s leadership since 2021, the Construction Industries segment introduced connected-machine technologies, remote diagnostic services and next-generation high-efficiency excavators, contributing to Caterpillar’s overall 2024 sales of $64.8 billion. The continuation of these innovation programs under Shurman’s stewardship—and his background in engineering product lines—reinforces Caterpillar’s competitive advantage in advanced materials handling, electrification readiness and digital fleet management, key factors for investors monitoring margin expansion and recurring service revenue.

CEO Joe Creed emphasized that Fassino’s external roles with the Association of Equipment Manufacturers, the Associated Equipment Distributors Foundation and the American Road & Transportation Builders Association have strengthened Caterpillar’s industry partnerships. Shurman’s Purdue University mechanical engineering background and deep internal tenure support cultural stability and long-term strategic alignment. This leadership evolution is expected to preserve employee morale, sustain dealer network engagement and uphold Caterpillar’s commitment to a reduced-carbon future—elements that underpin institutional investor confidence in the company’s multi-segment growth trajectory.