U.S. Markets closed

Caterpillar says 3 VPs to retire

PEORIA, Ill. (AP) -- Caterpillar Inc., which makes construction and mining equipment, said Tuesday that three of its long-time vice presidents have decided to retire in February.

Steve Fisher, 58, and vice president of the large power systems and growth markets division, is retiring after 35 years with the company. Steve Larson, 57, and vice president of the parts distribution and diversified products division, will retire after 34 years with Caterpillar. Bill Rohner, 61, and vice president of the electric power division, will retire after 41 years with the company.

Caterpillar also said that it is reorganizing several of its divisions to better align with its strategy and appointed four new vice presidents to add depth to its leadership ranks.

The company reported in July that its second-quarter net income slid 43 percent as a slump in the global mining industry hurt equipment sales.

Shares of the Peoria, Ill., company were unchanged at $84.20 in afternoon trading.