Cummins Inc Chief Financial Officer Pat Ward is set to retire on March 31 and will be succeeded by longtime Cummins financial exec Mark Smith, the Columbus-based engine maker announced Thursday.
Ward, 55, joined Cummins in 1987, and he has been its CFO and vice president since 2008. Before joining Cummins, he worked as a management accountant for the British Rail Property Board.
“Pat has had an extraordinary career at Cummins,” said Cummins Chairman and CEO Tom Linebarger in written remarks. “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.”
Smith, 51, who is Cummins’ vice president of financial operations, has worked for the company since 1995. He also leads Cummins’ investor relations, business planning and analysis, and capital management functions.
“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 future.”
Cummins shares were up 0.8 percent Thursday morning, to $138.59 each.