Cummins Inc. announced Thursday, May 29, that Joe Loughrey, president and chief operating officer, will retire from Cummins in March 2009. Tom Linebarger has been named as his replacement. Effective this Aug. 1, Loughrey will become Cummins vice chairman and remain a member of the board of directors until his retirement.
“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,” says Loughrey, who has been president and COO of the Columbus, Ind.-based company since May 2005.
Loughrey, 58, who also serves on the board of the Cummins Foundation, joined Cummins in 1974. He was named president of the Engine Business in 1999, a position he held until assuming his current role. Prior to that role, he was chief technical officer and group president/industrial for the Engine Business from 1996 to 1999.
“Joe’s 35 years with the company provide us with a remarkable legacy,” says Solso, chairman and chief executive officer. “Without his tireless efforts, his unrelenting pursuit of excellence and his extraordinary personal commitment to Cummins, the company would not have achieved the success it has today.”
Linebarger, 45, currently serves as president of Cummins Power Generation and has been an executive vice president since 2005. He formerly was the company’s chief financial officer. “Tom’s strong financial background, general management skills, understanding of Cummins’ business operations and his commitment to the needs of Cummins’ customers and other stakeholders make him an outstanding choice for President and COO,” Solso says. “The board of directors and I are extremely pleased to have him assume this key leadership role.”
Linebarger joined Cummins in 1994 and served in various roles, including as managing director of Cummins Turbo Technologies and vice president of the Engine Business’ Supply Chain Management before being named CFO in 2000 – a role he held for three years. Linebarger moved to the position of president of Power Generation in 2003 and quickly helped return that business to profitability; under his leadership, the business went from an operating loss of $19 million in 2003 to an operating profit of $334 million in 2007. Today, Power Generation is at the high end of its sales growth and profit targets, and is expanding its businesses globally. Along with Power Generation, Linebarger has led Cummins’ corporate strategy and growth planning efforts.
Prior to joining Cummins, Linebarger was an investment manager for the Prudential Investment Corp.