New Caterpillar Chief Sustainability and Strategy Officer George Moubayed: 4 Things to Know

Caterpillar Senior VP George Moubayed (pictured above) will gain the additional role of chief sustainability and strategy officer in 2024, reporting to CEO Jim Umpleby.

Here are four things to know about Moubayed's experience and Caterpillar's sustainability strategy.

1. Business Scope and Scale: Caterpillar, based in Irving, Texas, manufactures construction, mining and engineering equipment. The company, founded in 1925, has roughly 109,100 employees worldwide. Annual Caterpillar revenues were $59.4 billion in 2022, up 17% from 2021.

2. Sustainability Strategy: Caterpillar is striving to reduce Scope 1 and 2 greenhouse gas emissions from operations by 30% from 2018 to 2030. Moreover, the company will also seek to "reduce landfill intensity by 50% from 2018 to 2030." Caterpillar set those goals in 2021.

Catepillar's sustainability milestones include:

• 2023: The company published its inaugural Task Force on Climate-related Financial Disclosure (TCFD) report.
• 2022: Incorporated ESG performance into executive officer incentive plans.

3. Caterpillar Chief Sustainability Officer Details: George Moubayed currently is senior VP of Caterpillar's Enterprise Strategy Division. He will retain that role while taking on the added responsibilities of CSO in 2024.

Moubayed will succeed Chief Sustainability Officer Lou Balmer-Millar, who is set to retire on December 31, 2023. Balmer-Millar has been CSO since February 2023.

Moubayed is a 26-year Caterpillar veteran. After joining the company in 1997 as a marketing representative, Moubayed steadily climbed the sales and management ranks. Prior to his role within the Enterprise Strategy Division, Moubayed was VP and general manager of load and haul products for Resource Industries, and previously served as VP for aftermarket solutions for the segment, the company noted.

Caterpillar did not describe Moubayed's track record or experience as a sustainability leader.

4. Executive Perspectives: In a prepared statement about Moubayed's expanding role, Caterpillar CEO Jim Umpleby said: "George has a breadth of enterprise perspective and experience in executing our strategy for long-term profitable growth. Sustainability is an integral part of this strategy as we help our customers achieve their climate-related objectives and build a better, more sustainable world."

Caterpillar Chief Sustainability Officer: Why Technology Partners Should Care

By 2027, 25% of Global 2000 companies will have assigned a chief sustainability officer (CSO) responsible for meeting their organization’s ESG goals and making ESG-related IT purchasing decisions, according to IDC.

The bottom line: Technology partners need to extend their sales, marketing, engagement and support strategies to successfully fulfill those CSO customer needs, Sustainable Tech Partner believes.