caterpillar inc (CAT) Key Developments
Shell Canada and Caterpillar Sign Agreement Exploring LNG Fuelling Options for Mining Trucks
Dec 16 13
Shell Canada and Caterpillar have signed an agreement to test a new engine and fuel mix using liquefied natural gas (LNG) that could reduce operating costs and lead to reduced emissions from oil sands mining in northern Alberta. Caterpillar will leverage its experience with LNG in other applications, and will continue development work to design and build a fully integrated mining truck where LNG displaces most of the diesel power - also known as dual fuel. Through this agreement, Caterpillar will test the design at Shell's oil sands operations located near Fort McMurray. In addition to the new truck Caterpillar is developing, Shell will also retrofit existing trucks from its fleet with the new engine for the trial, as well as provide fuelling infrastructure, at its Shell Albian Sands operation near Fort McMurray. This trial follows a trend for Shell in looking at options to use Canada's abundant natural gas as a fuel in marine and road transportation, and other industrial situations.
Caterpillar Inc. Announces Executive Changes
Dec 13 13
Caterpillar Inc. announced the retirement of Vice President Hans Haefeli and the appointment of a new vice president, Jean Savage, who will replace Haefeli. After more than 15 years with Caterpillar, Hans Haefeli, vice president with responsibility for the Advanced Components & Systems Division (ACSD), has elected to retire to return to the United Kingdom. Haefeli's retirement will be effective April 30, 2014. Following the announcement of Haefeli's retirement, Caterpillar's Board of Directors appointed Jean Savage as vice president with responsibility for the Advanced Components & Systems Division. Savage is currently a senior vice president and Chief Operating Officer of the Locomotive and Railcar Services business unit for Caterpillar subsidiary Progress Rail Services (PRS). Savage joined Progress Rail Services in 2002 as vice president for Quality and Continuous Improvement. She also served as vice president of PRS' Freight Car Repair, Parts and Quality Divisions before her most recent position. She will assume her new position effective April 1, 2014.
Caterpillar Inc. Approves Amendments and Restates Bylaws
Dec 11 13
On December 11, 2013, the board of Caterpillar Inc. approved an amendment to the company’s amended and restated bylaws, which became effective upon its adoption by the board on December 11, 2013. the amendment to the bylaws added a new section, section 6, to article xi of the bylaws to select the court of chancery of the state of delaware as the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the company, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the company to the company or the company’s stockholders, (iii) any action asserting a claim against the company or any director or officer or other employee of the company arising pursuant to any provision of the delaware general corporation law or the company’s certificate of incorporation or bylaws, or (iv) any action asserting a claim against the company or any director or officer or other employee of the company governed by the internal affairs doctrine.
David R. Goode, Charles D. Powell, and Joshua I. Smith Announce Retirement from Board of Directors of Caterpillar Inc. and Committees of the Board, Effective December 31, 2013
Dec 11 13
On December 11, 2013, David R. Goode, Charles D. Powell, and Joshua I. Smith announced their retirement from the Board of Directors of Caterpillar Inc. and the Committees of the company's Board on which each of them serve, effective December 31, 2013. The retirements are the result of these individuals reaching the company's mandatory retirement age for directors as provided in the company's Guidelines on Corporate Governance Issues and not as a result of any disagreement with the company.
Caterpillar Inc. Announces Quarterly Cash Dividend on Common Stock, Payable February 20, 2014
Dec 11 13
The Board of Directors of Caterpillar Inc. voted on Dec. 11, 2013 to maintain the quarterly cash dividend of sixty cents ($0.60) per share of common stock, payable February 20, 2014, to stockholders of record at the close of business on January 21, 2014.