The Caterpillar Inc. board of directors last month appointed James Owens vice chairman and named him the next chairman and CEO of Caterpillar. He will replace Glen Barton, who will retire Jan. 31, after nearly 43 years of Caterpillar service and five years as chairman and CEO.

“Jim brings a broad understanding of Caterpillar's business strategy as group president for a diverse set of business units, including human services, component manufacturing, product support, logistics, information technology and Latin American marketing,” said Barton.

Caterpillar's policy sets a mandatory retirement age for officers of 65 years, which Barton will reach in August 2004. “Making this change now rather than mid-year allows us to align our leadership transition with Caterpillar's annual planning cycle, when the overall organization is setting performance expectations for the new year,” Barton added.

Owens, 57, joined Caterpillar in 1972 as a corporate economist and held various management positions in economics, accounting and product source planning. In 1987 he became managing director of P.T. Natra Raya, Caterpillar's joint venture in Indonesia. He was elected a corporate vice president in 1990 and named president of Solar Turbines, a Caterpillar subsidiary in San Diego. In 1993 he became chief financial officer and in 1995 assumed the position of group president. The board appointed Owens vice chairman effective immediately. He will succeed Barton as chairman and CEO effective February 1.