COLUMBUS, Ind.--(BUSINESS WIRE)--Jan. 10, 2019--
Cummins Inc. (NYSE: CMI) announced today that Chief Financial Officer
(CFO) Pat Ward is retiring after 31 years and Mark Smith is succeeding
him. Both moves are effective March 31, 2019.
“Pat has had an extraordinary career at Cummins,” said Cummins Chairman
and CEO Tom Linebarger. “He has worked in nearly every part of our
company during his 31-year tenure. He has helped many business leaders,
including me, figure out where the business needs improvement and what
to focus on first. Pat has also coached and developed many of our
financial leaders in the company, inspiring them to be the best that
they can be.”
“On behalf of the Board of Directors, I thank Pat for his excellent
service,” said Bob Herdman, chairman of the Audit Committee. “As Pat
transitions his CFO responsibilities to Mark Smith, he leaves behind a
strong finance function positioning the company well for continued
In an internal email sent to global employees, Ward reflected on his
career and the depth of experiences, friendships and opportunities that
were critical to his success.
“At different stages of my career, people took a chance on me, starting
at my first job as a small plant controller, to being offered the role
of Chief Financial Officer 20 years later,” Ward said. “I was also
fortunate to find a company whose values mirror my own.”
Mark Smith will succeed Ward as CFO. Smith brings more than two decades
of financial expertise to the role, most recently serving as the Vice
President of Financial Operations where he worked with finance
controllers to ensure that the company met its operational and financial
commitments. In addition, Smith led the Investor Relations, Business
Planning and Analysis, and Capital Management functions at Cummins.
Prior to Smith’s 20 years with Cummins, he spent six years as a public
accountant with Ernst & Young in the U.K. “Mark’s global financial
experience and knowledge of the company will serve Cummins and our
stakeholders well, and we look forward to supporting him during the
transition,” Herdman said.
“Like Pat, Mark has worked in many parts of the company and brings a
wealth of experience to the job,” Linebarger said. “He also brings
strong strategic and analytical skills which will be of great value as
we continue to pursue our growth strategy. I am glad to have Mark as the
CFO as we continue to power a more prosperous world, now and in the
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary
business segments that design, manufacture, distribute and service a
broad portfolio of power solutions. The company’s products range from
diesel and natural gas engines to hybrid and electric platforms, as well
as related technologies, including battery systems, fuel systems,
controls, air handling, filtration, emission solutions and electrical
power generation systems. Headquartered in Columbus, Indiana (U.S.A.),
since its founding in 1919, Cummins currently employs approximately
58,600 people committed to powering a more prosperous world. Cummins
serves customers in about 190 countries and territories through a
network of some 500 company-owned and independent distributor locations
and approximately 7,500 dealer locations. Cummins earned about $1
billion on sales of $20.4 billion in 2017. Press releases can be found
on the Web at www.cummins.com.
Follow Cummins on Twitter at www.twitter.com/cummins and
on YouTube at www.youtube.com/cumminsinc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190110005046/en/
Source: Cummins Inc.
Jon Mills - Director, External Communications