From Cummins Inc.
Columbus, IND. – Cummins Inc. (NYSE: CMI) announced today that Joe Loughrey, President and Chief Operating Officer, will retire from Cummins in March 2009. Effective this Aug. 1, Loughrey will become Cummins Vice Chairman and remain a member of the Board of Directors until his retirement.
“Shortly after my 35th anniversary with Cummins, I will retire from the Company,” Loughrey told Cummins employees today. “I have planned the date of my departure for more than two years as part of ongoing and regular succession discussions with the Board of Directors.
“With Tim [Solso] continuing in his role as Chairman, and the two of us being too close in age for me to replace him, my retirement gives the Board ample opportunity to observe and evaluate potential future leaders of the Company,” Loughrey added.
Loughrey has been President and COO of Cummins, the world’s largest independent diesel engine manufacturer, since May 2005.
Joe and Cummins are national leaders on workforce issues, and he helped really energize and focus the Manufacturing Institute’s efforts in this area during his tenure as the Institute’s president.
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