Tom Solso, Cummins chairman and chief executive officer since 2000, is retiring and will be succeeded by President and Chief Operating Officer Tom Linebarger.
Linebarger, 48, has been with Cummins 17 years, and was formerly president of Cummins Power Generation and served as the company’s chief financial officer. He will assume his new role on January 1, 2012. Solso, 64, will continue in his role through December 31 to ensure a smooth transition.
Solso joined Cummins in 1971 after receiving a master’s degree in Business Administration from Harvard University and a bachelor’s degree in psychology from DePauw University in 1969. He began as assistant to the vice president of Personnel and later moved into the operations side of the business. During his career, he has worked in various global locations, including Huddersfield, England, and Sao Paolo, Brazil. After 29 years in the business, he was named chairman and CEO in 2000.
During Solso’s tenure, Cummins has achieved numerous milestones:
* Company sales grew from $6.6 billion in 2000 to $13.2 billion in 2010 – Cummins’ best year ever with a record profit of more than $1 billion.
* From 2000 through 2010, Cummins’ shareholders enjoyed a total return of 1300%. The Company had two stock splits, four dividend increases and bought back $1 billion worth of Cummins’ stock.
* Cummins international business grew from 40 percent of sales in 2000 to more than 60 percent in 2010, including more than 50 joint venture partnerships around the globe.
* The company was among the first to meet the Environmental Protection Agency’s rigorous diesel emission standards in 2002, 2007 and 2010.
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 chief financial officer in 2000. Linebarger moved to the position of president of Power Generation in 2003 and quickly helped return that business to profitability. Today, Power Generation is at record levels in sales growth and profitability and is expanding its businesses globally.
He was named president and COO in 2008.
Prior to joining Cummins, Linebarger was an investment manager for the Prudential Investment Corporation. He has master’s degrees in business and manufacturing systems engineering from the Stanford Graduate School of Business and the School of Engineering. His undergraduate degrees are in mechanical engineering and economics. He has worked in Singapore, Hong Kong and the United Kingdom.
Linebarger will be only the sixth executive to lead Cummins since it was founded in 1919.
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