COLUMBUS, Ind. - Cummins Inc . (NYSE: NYSE:CMI), a global power solutions leader, announced today that Senior Vice President Tony Satterthwaite is set to retire in September 2024, concluding a notable 36-year tenure with the company. Satterthwaite's career at Cummins has been marked by significant leadership roles that have contributed to the company's growth and strategic direction.
Jennifer Rumsey, Chair and CEO of Cummins, highlighted Satterthwaite's influential role in steering the company through periods of expansion and his pivotal leadership during the COVID-19 pandemic. Rumsey praised his foresight in investing in leadership development, which she believes has given Cummins a competitive edge.
Joining Cummins in 1988, Satterthwaite has held several key positions, including leading sales and product planning for the off-highway engine business and managing the Southeast Asia region from Singapore. His tenure as President of the Power Generation Business was marked by significant growth and profitability, spearheading successful product launches and international expansion, including the company's entry into the data center market.
Satterthwaite's later roles included President of Distribution Businesses, President and Chief Operating Officer, Vice Chairman, and most recently, Senior Vice President. His contributions extend beyond Cummins, with board memberships at IDEX Corporation (NYSE: NYSE:IEX) and involvement with the Cornell Engineering Advisory Council and the National Association of Manufacturers.
Cummins, headquartered in Columbus, Indiana, operates across five business segments and is dedicated to sustainable power solutions, including a broad portfolio of diesel, natural gas, electric, and hybrid powertrains. The company's Destination Zero strategy reflects its commitment to sustainability and aiding customers in the energy transition. In 2023, Cummins reported earnings of approximately $735 million on sales of $34.1 billion.
The information regarding Satterthwaite's retirement is based on a press release statement from Cummins Inc.
InvestingPro Insights
As Cummins Inc. (NYSE: CMI) prepares for the retirement of Senior Vice President Tony Satterthwaite, investors and stakeholders may find solace in the company's robust financial health and promising outlook. Cummins demonstrates a strong track record of consistent dividend payments, a factor that can be particularly attractive to income-focused investors. With a history of maintaining dividend payments for 54 consecutive years and a current dividend yield of 2.45%, Cummins stands out as a resilient player in the Machinery industry.
InvestingPro Tips reveal that Cummins is not only expected to grow its net income this year but also displays low price volatility, which could be a reassuring sign for risk-averse investors. Additionally, the company's P/E ratio, which stands at 20.23, and an even more favorable adjusted P/E ratio of 15.69 for the last twelve months as of Q1 2024, underscore its potential as a value investment.
The company's revenue growth of 12.85% over the last twelve months as of Q1 2024 is another testament to its ability to expand and generate increased sales, a key indicator of its ongoing competitiveness and market strength. Moreover, with nine analysts having revised their earnings upwards for the upcoming period, the market sentiment appears to be optimistic about Cummins' financial trajectory.
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