Caterpillar Inc. announced it will promote engine group president Douglas Oberhelman to chief executive office when current CEO Jim Owens retires next year, Bloomberg reported.

Oberhelman will assume the roles of CEO-elect and vice chairman on Jan. 1, 2010. Caterpillar’s board of directors plans to formally elect him to the CEO post in June, Bloomberg said.

Oberhelman currently heads up the company’s engine and gas turbine operations.

Owens will leave the company on Nov. 1, 2010, as part of Caterpillar’s mandatory retirement policy. At that point, Oberhelman will also be elevated to chairman of the board.

Oberhelman said growth in overseas markets and the global economy’s effect on Caterpillar’s business will be critical areas of study for him, Bloomberg said.

Oberhelman joined Caterpillar’s corporate treasury department in 1975. He later held finance and planning positions in South America, North America and Japan.

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