Can New CFO Kyle Epley Build on Caterpillar's Record Run?

Caterpillar Inc. has appointed Kyle Epley as Chief Financial Officer, effective May 1, 2026. 

Andrew Bonfield, who has held the role for eight years, has elected to retire on 1 October 2026, and will remain in an advisory capacity to support the transition.

The appointment was announced on 8 April by Chairman and CEO Joe Creed, who described Kyle as "an outstanding leader with deep institutional knowledge and a proven track record of working with the business to drive results."

Kyle brings nearly three decades of experience within Caterpillar to the role, at a time shortly after the company has delivered its highest full-year sales and revenues in history. 

A career built inside Caterpillar

Kyle joined Caterpillar in 1996 and has spent his entire career with the company, progressing through roles including financial planning and analysis manager, corporate controller. 

He has held CFO positions for both the Electronics & Machine Systems Division and the Industrial Power Systems Division, as well as CFO of the Customer & Dealer Support segment. 

He became corporate controller in 2017 before taking on leadership of Caterpillar’s Global Finance Services Division in 2019.

In this role he leads a global team covering enterprise finance operations, strategy, planning, treasury, pricing, mergers and acquisitions, and corporate real estate.

Andrew Bonfield: eight years of transformation

Kyle’s predecessor Andrew joined Caterpillar in 2018, having previously served as Group CFO at National Grid and CFO of Bristol-Myers Squibb. 

He was named 2025 CFO of the Year by the CFO Leadership Council and Chief Executive Group.

Under his tenure, full-year 2025 sales and revenues reached US$67.6bn, the highest in the company's history, while Q4 2025 set a single-quarter record of US$19.1bn — an 18% increase on the same period in 2024. 

Enterprise operating cash flow for the full year came in at US$11.7bn, and the company returned US$7.9bn to shareholders through dividends and share repurchases.

Operating margins came under pressure over the same period. Full-year adjusted operating profit margin was 17.2%, down from 20.7% in 2024, with manufacturing cost headwinds — including tariff impacts — a significant factor.

"Andrew's leadership has been instrumental to Caterpillar's success," said Joe. “He brought exceptional financial expertise, a relentless focus on disciplined decision making and a deep commitment to our customers and shareholders. 

"With Andrew at the forefront, our global finance organisation became a strategic advantage for the enterprise."

Andrew endorsed his successor directly: "Kyle is the right leader for this next chapter. He brings the experience, judgment and customer-focused mindset needed to help Caterpillar continue to deliver profitable growth and create long-term value."

Contributing to strategic growth

Caterpillar's strategy centres on three pillars: commercial excellence, becoming an advanced technology leader, and transforming how the company works. 

These are underpinned by an Operating and Execution Model focused on quality, lean methodologies, competitive cost management and operational speed.

The company's three primary segments — Power & Energy, Construction Industries, and Resource Industries — all grew in 2025, with Power & Energy recording particularly strong momentum driven by demand for power generation equipment. 

Caterpillar entered 2026 with a record backlog. Kyle's remit will be to support continued profitable growth across those segments while managing cost discipline and capital allocation in line with the company's long-term shareholder return commitments.

"He understands our strategy, our culture and our mission of solving our customers' toughest challenges," said Joe. 

"I have great confidence in Kyle's ability to build on our strong foundation to lead Caterpillar's finance organisation into the future."