By Bianca Flowers
(Reuters) -Caterpillar Inc said on Thursday its board had waived the policy requiring Chairman and Chief Executive Officer Jim Umpleby to retire at age 65.
Caterpillar (NYSE:CAT) follows Target Corp (NYSE:TGT), which last month scrapped its retirement policy so that CEO Brian Cornell can stay at the retailer's helm.
Umpleby, 64, assumed the role as Caterpillar's chief executive in 2017, helping the heavy machinery-maker expand offerings across its construction and mining business segments, according to Caterpillar's website.
"Waiving the mandatory retirement policy for Jim provides the Board with greater flexibility with its CEO succession process," Debra Reed-Klages, presiding director for the Board, said in a statement.
Umpleby joined Solar Turbines, a Caterpillar subsidiary, in 1980, and has been with the company for 40 years. Umpleby said he will continue leading the company after he turns 65 in February 2023.