UK’s Bonfield to be CFO Caterpillar FS

Caterpillar financial services has hired a senior British executive, Andrew Bonfield, to be its next chief financial officer, taking over from Brad Halverson, who has retired.

Bonfield, who joins the lender on September 1, brings more than three decades of financial expertise to the role, most recently serving as group CFO and board member of UK power network provider National Grid.

In the meantime, Joe Creed, Caterpillar Finance Services division vice-president, will serve as interim CFO.

Jim Umpleby, Caterpillar’s CEO, said: “Andrew’s global financial experience across a variety of industries will serve Caterpillar and our stakeholders well.

“We look forward to him joining our executive office.”

Prior to Bonfield’s eight years at National Grid, he was CFO at British confectionary company Cadbury.

From 2002 to 2008, he was executive vice-president and CFO of Bristol-Myers Squibb Company, an American pharmaceutical company.

Bonfield’s other experience includes the role of finance director of BG Group and CFO of Smithkline Beecham.

Since 2010, he has been a non-executive director and chair of the audit committee of UK retailer Kingfisher.

Bonfield also chairs the 100 Group, which represents finance directors of the top 100 U.K. companies listed on the London Stock Exchange.

Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility, serving as CFO for the energy and transportation segment prior to becoming financial services division vice-president in 2017. Once Bonfield joins Caterpillar, Creed will continue serving in his capacity as vice-president.