Cummins Chairman, CEO Tim Solso to retire Dec. 31, will be replaced by company president Tom Linebarger
July 13, 2011
– Engine and generator maker Cummins Inc. said Tuesday that chairman and CEO Tim Solso, will retire after 11 years in those jobs and be replaced in January by the company's president.
The next CEO, Tom Linebarger, 48, has been with Cummins ( CMI - news - people ) for 17 years including a stint as chief financial officer. He has been president and chief operating officer since 2008.
Linebarger was an investment manager before joining Cummins.
The company said Solso will stay in the top jobs through Dec. 31 to make the transition a smooth one.
Solso, 64, joined Cummins in 1971 as assistant to the vice president of personnel. He also held jobs in the operations side of the company and was posted in England and Brazil before being named chairman and CEO.
The company said that during Solso's tenure sales doubled from $6.6 billion to $13.2 billion and international sales grew from 40 percent of revenue to over 60 percent last year.
Cummins shares fell 33 cents to close at $103.32.
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