Caterpillar Inc. CEO Doug Oberhelman this week announced details for Caterpillar's first regional Leadership Center — named in honor of retiring Caterpillar chairman Jim Owens — at the conclusion of the annual meeting of the top 300 executives and managers from across the company's global operations.

As part of its increased focus on leadership development, which the company says will be a critical factor in Caterpillar's long-term strategy for sustaining its global industry leadership position, the new leadership center will be housed in classroom space at Caterpillar's demonstration and learning center in Edwards, Ill. Oberhelman succeeded Owens as Caterpillar CEO on July 1, and will become chairman and CEO when Owens retires from Caterpillar on Nov. 1.

"In a Caterpillar career that has spanned more than 38 years, Jim Owens has consistently focused his time and energy on nurturing and developing Caterpillar leaders in every region of the world," Oberhelman said. "A big part of Jim's legacy will be his dedication to people and the development of leaders. Naming this center after him is a small way to recognize this important contribution."

In June, Oberhelman introduced Caterpillar's updated five-year strategy, building on the Vision 2020 strategy that Owens introduced in 2005.

"For stockholders, our goals are focused on delivering total shareholder returns over the business cycle in the top 25 percent of the S&P 500," Oberhelman said. "And developing the best team of people with great leaders will be a key element as we move toward our long-term goals and build on our proven business model."

Long-term, Caterpillar plans to open regional leadership centers throughout the world to support the continued growth and development of future generations of Caterpillar leaders.

Caterpillar Inc., Peoria, Ill., is a leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines.