Cummins Inc., Columbus, Ind., has announced the retirement of Tim Solso, the company’s chairman and CEO since 2000. He will be succeeded by Tom Linebarger, Cummins’ president and chief operating officer.
Linebarger has been with Cummins for 17 years, and was formerly president of Cummins Power Generation and served as the company’s CFO. He will assume his new role on January 1, 2012.
During Solso’s tenure, the company’s market capitalization has grown tenfold and Cummins has been recognized for its leadership in emissions reduction technologies and related environmental activities, financial performance, and corporate responsibility, as well as diversity and human rights issues. Solso will continue in his role through December 31 to ensure a smooth transition between the two leaders.
“The time has come to say thank you and best wishes to an extraordinary business leader and a wonderful human being,” said Alexis Herman, lead director of the Cummins board of directors and chair of the governance and nominating committee. “Tim has led the company through many years of record performance and outstanding shareholder returns. He championed Cummins’ international growth and the importance of a diverse workforce. Equally impressive has been his unwavering focus on corporate responsibility and making a difference in the communities where Cummins does business.
“In Tom Linebarger we have an individual who shares the same qualities of leadership and commitment to Cummins’ values as his predecessors. He has extensive experience in the operational and financial aspects of the company. And he brings with him limitless energy and enthusiasm for the rigors of competing in a challenging global business environment.”
Linebarger has been a leader in operational, finance and strategy roles. He joined Cummins in 1994 and served in various roles, including as managing director of Cummins Turbo Technologies and vice president of the Engine Business’ Supply Chain Management before being named CFO in 2000. Linebarger moved to the position of president of power generation in 2003 and quickly helped return that business to profitability. Linebarger was named president and chief operating officer in 2008.