Caterpillar CFO Brad Halverson to retire in early 2018

Caterpillar said on Tuesday its Chief Financial Officer Brad Halverson would retire in early 2018, after spending nearly three decades with the world’s largest construction and mining equipment maker.Brad-Halverson-CFO-Caterpillar

Halverson, who is also the group president of the company, has served in the current roles since January 2013.

His retirement comes at a time when Caterpillar is fighting an IRS demand that it pay $2 billion in taxes and penalties for shifting profit to its Swiss unit to lessen its U.S. tax bill.

Caterpillar said it would launch an external search to fill the CFO position.

Halverson joined Caterpillar in 1988 as an accountant.

He’s leaving just as Caterpillar — a bellwether for U.S. manufacturing — starts to emerge from four straight years of declining sales and as the company grapples with a probe into its offshore dealings. Last week, the company boosted its earnings and revenue outlook, as sales of its signature yellow machines are being driven by a recovery in construction in China while demand for mining- and energy-equipment parts accelerates.

His departure extends an overhaul of the management team after Jim Umpleby replaced Douglas Oberhelman as CEO in January. Oberhelman’s department triggered other changes including Tom Pellette’s appointment as group president of energy & transport.

Caterpillar shares, up 23 percent this year, were little changed at $113.90 at 9:37 a.m. in New York.