In announcing his retirement, Solso said: "I am proud to have been part of the leadership team of this great company as we grew sales, established technology leadership, expanded our global reach and restructured our businesses even as we dealt with the impact of two major recessions. Cummins' future is very promising and no one is better qualified to lead the company during the exciting times ahead than Tom Linebarger. He has the energy, experience and business know-how Cummins needs to compete in our markets around the world.
"With Tom as CEO, Cummins will remain committed to the strategic principles, business objectives and core values that have been the hallmark of our business success," Solso added. "The company's focus will be on profitable growth, providing better products and services for customers and maintaining a strong commitment to the environment and the communities where we do business."
Linebarger has been a leader in operational, finance and strategy roles
Linebarger 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 chief financial officer in 2000. Linebarger moved to the position of president of Power Generation in 2003 and quickly helped return that business to profitability. Today, Power Generation is at record levels in sales growth and profitability and is expanding its businesses globally.
He was named president and chief operating officer in 2008.
Prior to joining Cummins, Linebarger was an investment manager for the Prudential Investment Corporation. He has master's degrees in business and manufacturing systems engineering from the Stanford Graduate School of Business and the School of Engineering. His undergraduate degrees are in mechanical engineering and economics. He has worked in Singapore, Hong Kong and the United Kingdom.
He has been director of Harley-Davidson Inc. since 2008.
Herman said the board is confident the transition between the two leaders will be one of orderly change: "Tom has been a very successful president and COO. He understands Cummins operations, customers, products and employees. He lives Cummins values, including championing diversity and corporate responsibility around the world. He has a strong focus on performance and delivering value for shareholders. Together with Tim, he successfully led Cummins through this most recent recession and helped the Company emerge more profitable than ever."
Linebarger will be only the sixth executive to lead the company since it was founded in 1919.