Dive Brief:

• Irving, Texas-based Caterpillar named company veteran Kyle Epley to be its next CFO, effective May 1, according to a Wednesday release. Epley will succeed retiring CFO Andrew Bonfield, who has served as finance chief since joining the company in 2018.
• Bonfield is leaving after presiding over a period of growth for the company. The construction equipment maker reported its highest ever full-year sales and revenues in 2025 as well as a record for its Q4 2025. Sales and revenue for its fourth quarter rose 18% to reach $19.1 billion, it reported in January. 
• “Andrew’s leadership has been instrumental to Caterpillar’s success,” Joe Creed, Caterpillar chairman and CEO, said in a statement in the release. “With Andrew at the forefront, our global finance organization became a strategic advantage for the enterprise, and his impact will be felt long after his retirement.”

Dive Insight:

As part of the transition process, Bonfield will serve in an advisory role through Oct. 1. 

Epley, currently senior vice president of global finance services, has nearly three decades of experience at the company and has held a range of roles including division CFO and corporate controller. A Certified Public Accountant, Epley holds a bachelor’s degree in accounting from Bradley University, according to his LinkedIn profile.

Bonfield’s finance experience extended across industries. Before joining Caterpillar, he was Group CFO at National Grid, a U.K. multinational electricity and gas utility company for nearly eight years, according to his LinkedIn account. Prior to that he served a roughly one-year stint as CFO of Cadbury plc and from 2002 to 2008 was CFO of the pharmaceutical giant Bristol-Myers Squibb. 

Named 2025 CFO of the Year by the CFO Leadership Council and Chief Executive Group, he brought an outsider’s view to Caterpillar, a company that typically leaned on insiders, according to a profile of Bonfield on the CFO Leadership website by Vincent Ryan. 

“What Bonfield has helped coax out of the organization and made visible, especially to Wall Street, is a value-creation machine with a disciplined capital investment model that steers resources to markets and businesses with the best potential for future growth,” the article states. “Shares in CAT are up more than 200% in the past five years versus around 90 percent for their industry index and 93 percent for rival Deere & Co. It’s a performance that led a panel of Bonfield’s peers to name him our 2025 CFO of the Year.”