COLUMBUS, IN - Cummins Inc . (NYSE:CMI), a global power solutions leader, has announced the appointment of four new Vice Presidents, a move reflecting the company's commitment to leadership development and its strategic focus on the energy transition.
The appointments, which became effective March 1, include Ricardo Roman, Michelle Probst, Gbile Adewunmi, Matt McQueen, in addition to Ashwath Ram, who joined the vice presidential ranks in January.
Ricardo Roman has assumed the role of Vice President of Components Finance, after playing a crucial role in the acquisition and integration of Jacobs Vehicle Systems and Meritor (NYSE:MTOR). His expertise has been instrumental in driving the Components business unit's financial performance. Michelle Probst, now Vice President, Leadership and Talent Development, has expanded her role to lead Cummins' global talent development programs, fostering a culture of performance and development.
Gbile Adewunmi has taken over as Vice President, Power Systems Industrial Markets, focusing on profitability and growth for Cummins' Defense, Marine, Mining, Oil & Gas, and Rail lines of business. Matt McQueen, as Vice President, EBU Supply Chain, has navigated supply chain challenges during the pandemic, contributing to the delivery of advanced engines and supporting the company's fuel-agnostic engine platforms.
Ashwath Ram continues his leadership as Vice President - Supply Chain and India ABO Leader, driving the strategic direction for Cummins' integrated supply chain functions globally. His leadership has led to significant growth in the India ABO, with record sales and a strong performance culture.
Jennifer Rumsey, Chair and CEO of Cummins Inc., expressed confidence in the appointed leaders, noting their unique commitment to the company's culture and their potential to drive Cummins towards greater success amid the energy transition.
Cummins Inc., with a history dating back to 1919, operates five business segments and is dedicated to its Destination Zero strategy, emphasizing sustainability and supporting customers through the energy transition with a variety of power solutions. In 2023, Cummins reported approximately $735 million in earnings on sales of $34.1 billion.
The information in this article is based on a press release statement from Cummins Inc.
InvestingPro Insights
As Cummins Inc. (NYSE:CMI) embraces its next phase of growth and leadership, the company's financial health and market performance provide a backdrop for its strategic decisions. With a robust market capitalization of $40.12 billion, Cummins showcases its prominence in the Machinery industry. The company's commitment to shareholder returns is evident through its impressive track record of maintaining dividend payments for 54 consecutive years, and even more notably, raising its dividend for 18 consecutive years—an InvestingPro Tip that highlights its financial stability and investor-friendly approach.
Cummins' financial data further underscores its growth trajectory, with a significant revenue growth of 21.34% over the last twelve months as of Q1 2023, and a quarterly revenue growth of 9.95% in Q1 2023. The company's gross profit margin stands at 24.22%, reflecting its ability to maintain profitability amidst global economic fluctuations. Another InvestingPro Tip suggests that net income is expected to grow this year, aligning with the company's strategic focus and leadership appointments aimed at driving profitability and navigating the energy transition effectively.
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