The Board of Directors of Cummins Inc. (NYSE: CMI) announced the retirement of Tim Solso, 64, the company’s Chairman and Chief Executive Officer since 2000, to be succeeded by Tom Linebarger, Cummins President and Chief Operating Officer. Linebarger takes over Jan. 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
“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.”
Solso joined Cummins in 1971 after receiving a master’s degree in Business Administration from Harvard University and a bachelor’s degree in psychology from DePauw University in 1969. He began as assistant to the Vice President of Personnel and later moved into the operations side of the business. During his career, he has worked in various global locations, including Huddersfield, England, and Sao Paolo, Brazil. After 29 years in the business, he was named Chairman and CEO in 2000.
During Solso’s tenure, company sales grew from $6.6 billion in 2000 to $13.2 billion in 2010 – Cummins’ best year ever with a record profit of more than $1 billion.