Cummins Inc. says Tim Solso will retire as chairman and CEO at the end of the year and be succeeded by President and Chief Operating Officer Tom Linebarger.
The board of directors of the Columbus-based diesel engine maker announced the transition Tuesday.
The 64-year-old Solso has led Cummins since 2000, nearly doubling the company's sales to more than $13 billion last year, when profits topped $1 billion. The company's market capitalization has grown tenfold under Solso.
The 48-year-old Linebarger will be only the sixth executive to lead Cummins since it was founded in 1919. He joined Cummins 17 years ago and has served as president of its Cummins Power Generation subsidiary and as chief financial officer.