Caterpillar Board Elects New Director, Maintains Dividend Rate

Caterpillar Inc. this week announced that former Utah governor Jon Huntsman Jr. has been elected to the Caterpillar board of directors effective immediately.

Huntsman, 51, is the former United States Ambassador to China (2009-2011) and the former governor of Utah (2005-2009). Huntsman’s foreign policy experience also includes an appointment as the United States Ambassador to Singapore (1992-1993) and service as the United States Trade Ambassador (2001-2003). He also has significant leadership experience in the private sector where he has served in numerous executive roles, including as CEO with the Huntsman Corp., a global chemical company. He is currently the chairman of the Huntsman Cancer Foundation, which provides funding for cancer research, improved treatment and cancer education and awareness. Governor Huntsman is also a director of the Ford Motor Co. and serves on the boards of the Huntsman Corp., the Naval Academy Foundation and the National Committee on US-China Relations.

“With his extensive global experience in the business world and as a senior statesman for the United States, Jon brings a unique global perspective and experience to our board that will provide strategic guidance on critical trade and policy issues that are important to Caterpillar,” said Caterpillar chairman and CEO Doug Oberhelman.

In other company news, the board of directors of Caterpillar voted to maintain the quarterly cash dividend of $0.46 per share of common stock, payable May 19, to stockholders of record at the close of business April 23.

“Our priorities for uses of cash remain unchanged,” Oberhelman said. “The top priority is to maintain financial strength, followed by investing for growth for the business, funding employee benefit plans, and making distributions to stockholders.”

For 18 years in a row, Caterpillar has paid higher dividends to its stockholders, and since 1998, the company's cash dividend has more than tripled. Including the announcement this week, Caterpillar has paid a cash dividend every year since the company was formed in 1925 and has paid a dividend every quarter since November 1933.

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