The decision by Caterpillar’s CEO to step down does not seems warranted considering the stock’s performance, said TheStreet’s Jim Cramer. The construction and mining equipment company’s CEO Doug Oberhelman will be stepping down at year’s end. Jim Umpleby, a group president of Caterpillar’s energy and transportation group, will succeed Oberhelman. Oberhelman will remain as executive chairman until he retires on March 31. Caterpillar has been cutting costs for some time. It has cut roughly 30,000 jobs since 2012, or about 20% of its workforce. The company is expected to see sales drop for the fourth consecutive year in 2016.
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