Research Reports

Key takeaways

Kyle Epley appointed CFO effective May 1, 2026, succeeding Andrew Bonfield.

Andrew Bonfield will retire on October 1, 2026, after serving in an advisory role from May 1.

Epley's compensation includes increased salary to $930,500 and a $1.8 million long-term incentive grant.

Bonfield's tenure included record financial performance, including highest full-year sales and revenues in company history.

Epley brings nearly three decades of Caterpillar experience, including roles as senior vice president and corporate controller.

Full analysis

Caterpillar announced a planned CFO transition with Kyle Epley, a 30-year company veteran, taking over from Andrew Bonfield who will retire after eight years. Bonfield's tenure was marked by record financial performance including the highest full-year sales and revenues in company history and a single-quarter record of $19.1 billion in Q4 2025. Epley's appointment represents an internal promotion, maintaining continuity as he has held senior finance roles including senior vice president of Global Finance Services since 2019 and corporate controller since 2017. The structured transition includes Bonfield serving in an advisory role from May through October 2026, ensuring knowledge transfer. Epley's compensation package reflects his elevated responsibilities with increased salary and substantial long-term incentives tied to company performance.

CAT · Caterpillar Inc.

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