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Caterpillar awards stock options to retiring executives

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The commitment and leadership of our dedicated group of officers enable Caterpillar’s position as an industry leader.
Jim Umpleby - CEO.
Jim Umpleby is chief executive officer (CEO) and a member of the board of directors of Caterpillar Inc.
Umpleby joined Solar Turbines Incorporated in San Diego, California as an associate engineer in 1980. Solar Turbines is a wholly owned Caterpillar subsidiary and a leading manufacturer of industrial gas turbine systems.
Umpleby has held leadership positions in a variety of functions including engineering, manufacturing, marketing, sales and services. He was promoted to a vice-president of Solar Turbines in 1997 and led the Customer Services business. As a Solar Turbines vice-president he later led Solar’s Oil & Gas, Power Generation and Turbomachinery Products divisions. As general manager of global services for Caterpillar’s Product Support division, he launched Caterpillar’s Job Site Solutions business, which works with Caterpillar dealers to help machine customers maximize job site productivity.
Executive Office.
Robert B. Charter.
Rob Charter is a group president of Caterpillar Inc. He has administrative responsibility for Customer & Dealer Support, which includes Asia Pacific, CIS, Africa & Middle East and Americas & Europe distribution divisions, Global Aftermarket Solutions, Wear Components & Aftermarket Distribution, Marketing and Digital and the Sustainable Solutions Division.
Bradley M. Halverson.
Brad Halverson is a group president and CFO of Caterpillar Inc. Halverson has responsibility for the Finance Services Division, Human Services Division, Global Information Services, Financial Products Division, Strategic Services Division, as well as Corporate Auditing.
Cheryl H. Johnson.
Cheryl H. Johnson is Chief Human Resources Officer of Caterpillar Inc.
Denise C. Johnson.
Denise Johnson is a group president of Caterpillar Inc. She has responsibility for Resource Industries, which includes Innovation and Technology Development, Material Handling & Underground, Global Supply Network and Surface Mining & Technology.
Bob De Lange is a group president of Caterpillar Inc. He has administrative responsibility for Construction Industries, which includes the Earthmoving, Excavation, Building Construction Products, China Operations, and the Global Construction & Infrastructure Divisions.
General Counsel and Corporate Secretary of Caterpillar Inc.
Thomas A. Pellette.
Tom Pellette is a group president of Caterpillar Inc. He is responsible for Caterpillar's Energy & Transportation Group, which includes the following divisions: Marine & Petroleum Power, Progress Rail Services, Electric Power, Solar Turbines, Industrial Power Systems and Large Power Systems.
Vice Presidents.
William P. Ainsworth.
Senior Vice President of Caterpillar Inc. and President and CEO of Progress Rail Services and its subsidiaries.
Caterpillar's Chief Technology Officer and Vice President with responsibility of the Innovation & Technology Development Division.
Wai Man (Raymond) Chan.
Vice President of Caterpillar Inc. with responsibility for the Asia Pacific, CIS, Africa & Middle East Distribution Division.
Vice President of Caterpillar Inc. with responsibility for the China Operations Division.
Vice President of Caterpillar Inc. with responsibility for the Finance Services Division.
Vice President and chief procurement officer of Caterpillar Inc. with responsibility for the Global Supply Network Division.
Vice President of Caterpillar Inc. with responsibility for the Global Power Solutions Division.
Damien Giraud.
Vice President of Caterpillar Inc. with responsibility for the Global Construction & Infrastructure Division.
Kenneth J. Hoefling.
Vice President of Caterpillar Inc. with responsibilities for the Building Construction Products Division.
Frederic Istas.
Vice President of Caterpillar Inc. with responsibility for the Earthmoving Division.
Kathryn D. Karol.
Vice President of Caterpillar Inc. with responsibility for the Global Government and Corporate Affairs Division.
Vice President of Caterpillar Inc. with responsibility for the Excavation Division.
Philip G. Kelliher.
Vice President of Caterpillar Inc. with responsibility for the Americas & Europe Distribution Division.
Pablo M. Koziner.
Vice President of Caterpillar Inc. and President of Solar Turbines Incorporated, a wholly owned subsidiary of Caterpillar Inc., based in San Diego, California.
Vice President of Caterpillar Inc. with responsibility for the Global Information Services (GIS) Division and Chief Information Officer.
Vice President of Caterpillar Inc. with responsibility for the Global Aftermarket Solutions and Marketing & Brand Divisions.
Vice President of Caterpillar Inc. with responsibility for Surface Mining & Technology Division.
Christopher R. Snodgrass.
Vice President of Caterpillar Inc. with responsibility for the Product Support & Logistics Division.
Vice President of Caterpillar Inc. with responsibility for Large Power Systems Division.
Vice President of Caterpillar Inc. and president of Caterpillar Financial Services Corporation.
Vice President of Caterpillar Inc. with responsibility for Material Handling & Underground Division.
Vice President of Caterpillar Inc. with responsibility for the Industrial Power Systems Division.

Is Shareholder Dissent With Caterpillar, Inc.'s Executive Compensation Justified?
Let's break down how Caterpillar executives are paid, how it compares to past years, and if shareholder dissent is justified.
It's been the same song and dance for Caterpillar (NYSE:CAT) and its shareholders over the last couple of years: annual declines in revenue and operating profits, accompanies by a stock price stuck in neutral. In 2012, Caterpillar generated $8.48 profit per share on revenue that reached nearly $66 billion. Fast forward to today, and expectations are for a $5.00 profit per share -- and that's excluding restructuring costs, which would lower the result if included -- on revenue of about $50 billion.
It hasn't been pretty, and preliminary voting results in regards to Caterpillar's executive compensation plan show more shareholders aren't thrilled with management's performance. Only 66% of Caterpillar shareholders approved the executive compensation proposal -- a drastic decline from last year's 96% approval.
Let's dig into the financials to better understand Caterpillar's executive compensation and to see if growing shareholder dissent is justified.
Caterpillar's CEO Doug Oberhelman received a healthy 14% raise in 2014; here's a breakdown of the company's executive total compensation mix and what each segment represents.
Graph source: Caterpillar's 2015 Annual Meeting Proxy Statement.
An executive's base salary, while still very lofty, is only a small sliver of total compensation, and much of the total compensation comes from other short - and long-term incentives. The ESTIP (Executive Short-Term Incentive Plan) is an annual incentive plan designed to focus executives on year-over-year performance goals, such as increases in market share, revenue, or profit per share as examples. The short-term payments aren't guaranteed, and no payouts are made if the performance thresholds aren't met.
Caterpillar's "longer-term" incentives revolve around equity awards and SPP (Strategic Performance Plan). Equity awards are non-qualified stock options that become exercisable three years after the grant date and expire after 10 years from the grant date. SPP is a three-year performance program with cash payouts based on achieving strategic objectives.
While, in my opinion, those long-term incentives are more near - or medium-term oriented, Caterpillar executives' interest is at least somewhat aligned with shareholders as more than half of their total compensation will likely be generated from owning shares that become more valuable as the business and stock price improve.
Zeroing in on the CEO for a second, how does Oberhelman's total compensation compare to years past, when shareholders approved compensation plans at a much higher rate?
Chart by author. Information source: Caterpillar annual proxy statements.
In the grand scheme of things, it appears Oberhelman's total compensation is about average for his tenure. While investors would be wise to do their homework and compare executive compensation with competitors of the companies they own, let's compare the difference between Caterpillar's executive compensation from 2014 and before Caterpillar's current CEO took over control in 2010 -- there's been quite a bit of change.
Graphic source: Caterpillar's 2010 Annual Meeting Proxy Statement.
When comparing the compensation mix graphs from 2009 to 2014, don't let the change in color scheme, and the segments the colors represent, confuse you. Equity-based incentives jumped significantly between 2009 and 2014, while long-term incentives (LTCPP in 2009 graph and SPP in 2014 graph) were slashed drastically over the same time period. Further, base salary declined moderately during the same time frame, while short-term incentives (ESTIP) increased moderately.
Shareholder dissent is primarily coming from investors who believe Caterpillar executive compensation is now more tied to short-term incentives driven by earnings-per-share metrics, which can be inflated due to share buybacks. To hammer that point home, of the $5.8 billion that was returned to shareholders in 2014, $4.2 billion of that was through share buybacks, and the remaining $1.6 billion through dividends. If you're a visual person, the graph below will show you how buybacks can inflate profit per share:
Essentially, you could conclude that the vast majority of the shareholder value Caterpillar is returning to investors is also inflating its profit-per-share to boost executive compensation for short-term incentives. It's understandable that shareholders are growing wary of the changes in compensation mix favoring equity and short-term incentives, all while annual revenue and operating profit are in decline -- not to mention that the stock price has been in neutral.
Ultimately, whether you believe Caterpillar executives are overpaid or not, or that executive compensation is aligned with shareholder interests or not, the big lesson for investors to learn from this article is the importance of cracking open annual proxy statements for the companies they own. These documents have important information regarding executive compensation and what exactly the company is incentivizing, giving investors insight to where the company's business strategy is heading.
Ford, for instance, adjusted its performance metrics to put a larger focus on improving vehicle quality and fewer necessary warranty claims. Shareholders should ask themselves, what exactly is Caterpillar focusing on with its compensation?
Owning companies with proven management is critical for finding market-beating stocks, and knowing more about what makes executives tick is valuable for investors. So, read up on those proxy statements, and thank me later.
Daniel Miller has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
As a Motley Fool Industrial Specialist, I use my marketing and business background in the automotive industry to evaluate major automakers and other large industrial corporations. Follow me on twitter for tweets about stocks, cars, sports, and anything I find amusing. Follow DanielMillerTMF.

New Caterpillar CEO’s compensation quadruples.
AP Business Writer.
Caterpillar CEO Doug Oberhelman discusses Illinois' business climate and taxes during a news conference after meeting with Illinois Gov. Pat Quinn on April 5. in Peoria, Ill. (AP Photo/Seth Perlman)
Caterpillar Inc. quadrupled Doug Oberhelman’s compensation last year when he was promoted to the top job at the world’s largest maker of mining and construction equipment, but his $10.4 million compensation was less than half what the retiring chief executive received, according to an Associated Press review of a regulatory filing Friday.
Oberhelman became CEO last summer and added the chairman title in the fall after Jim Owens retired. Owens’ compensation more than tripled in 2010 to $22.5 million, mostly because Caterpillar’s board gave him a stock grant worth $16 million to thank him for his leadership.
Caterpillar’s board said in documents filed with the Securities and Exchange Commission that the compensation both men received was warranted because of the company’s performance and because Oberhelman took on much more responsibility.
In the middle of its leadership transition, Caterpillar delivered strong results in 2010. The economy began to emerge from the depths of recession and strong demand for Caterpillar equipment continued in developing nations.
Caterpillar generated $2.7 billion in net income, or $4.15 per share, on revenue of $42.6 billion last year. That was up from the $895 million in net income, or $1.43 per share, Caterpillar reported in 2009 on revenue of $32.4 billion.
Caterpillar also announced acquisitions last year of mining equipment maker Bucyrus International, locomotive maker Electro-Motive Diesel, Inc. and German engine maker Motoren-Werke Mannheim.
The Peoria, Ill., based company predicts profit will continue to grow in 2011 to nearly $6 per share on more than $50 billion in sales.
The AP formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.
Caterpillar said Oberhelman received stock options worth $6.1 million and stock grants worth $494,608 last year as part of its long-term incentive plan.
Owens didn’t receive any stock options, but he did receive the $16 million stock grant. He served as the company’s top executive from 2004 to 2010, and worked for Caterpillar for more than 38 years.
As part of his retirement Owens receives an administrative assistant and computer tech support for five years. Those perks worth $317,358 were part of $548,821 in perks that Owens received last year.
Oberhelman’s received $63,725 in perks. Most of that was from $45,000 worth of personal use of Caterpillar’s corporate jets.
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Commentary.
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View from around the state: Predictions of higher federal debt are no joke.
How a schedule can place a project on a path to success.
US Senate sticks up for Great Lakes protection.
VIEW FROM AROUND THE STATE: $76 million Dane County jail project is best option.
Real estate researcher: ‘We are in a long cycle, not boom or bust’
Foxconn - Constructing a New Wisconsin Panel Discussion.
Todays Jobtrac Jobs.
Location: Greenfield, Wis. Bids Due: Dec. 21, 2017 at 10:00 AM Read More.
Location: Milwaukee, Wis. Bids Due: Jan. 17, 2018 at 2:00 PM, (allow additional time to be processed through security screening stations at Courthouse entrances) Read More.
Location: Muskego, Wis. Bids Due: Jan. 4, 2018 at 2:00 PM, This will be a single prime contractor lump sum bid Read More.
Location: Madison, Wis. Bids Due: Dec. 21, 2017 at 2:00 PM Read More.
Location: Mount Horeb, Wis. Bids Due: Dec. 21, 2017 at 2:00 PM, Owner accepting bids ELECTRONICALLY and should be sent to Steve Salerno at salernostevemhasd. k12.wi. us and to Mike Huffman at mhuffmanf… Read More.
Visit JobTrac's new website for the most up-to-date online projects and bidding opportunities.
Digital Edition.
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