COLUMBUS, Ind. – Joe Loughrey, president and chief operating officer of Cummins Inc. will retire from the company in March 2009, the company reported in a release yesterday.
Loughrey will become Cummins vice chairman effective Aug. 1, and remain a member of the company’s board of directors until his retirement.
“Shortly after my 35th anniversary with Cummins, I will retire from the company,” Loughrey told Cummins employees yesterday. “I have planned the date of my departure for more than two years as part of ongoing and regular succession discussions with the board of directors.”
Loughrey has been president and COO of Cummins since May 2005.
Tom Linebarger will replace Loughrey in those positions after he steps down. 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,” said Tim Solso, Cummins chairman and chief executive officer.