Caterpillar Chairman and CEO Jim Owens Elected Chairman of The Business Council

WASHINGTON, Oct. 16 /PRNewswire-FirstCall/ -- Caterpillar Inc. (NYSE: CAT) Chairman and CEO Jim Owens was elected Chairman of The Business Council on October 16, 2008. Owens was elected for a two-year term. He will succeed W. James McNerney, Jr., Chairman, President & CEO of The Boeing Company, beginning in January 2009.

    Elected with Owens as Vice Chairmen were:

     James Dimon, Chairman, CEO & President, JPMorgan Chase & Co.

     Rex W. Tillerson, Chairman & CEO, Exxon Mobil Corporation

     G. Richard Wagoner, Jr., Chairman & CEO, General Motors Corporation

     Ronald A. Williams, Chairman & CEO, Aetna Inc.

The Washington-based Business Council was originally formed in 1933 as The Business Advisory Council for the Department of Commerce. In 1961, the group's name changed to The Business Council, and its scope was broadened to include advisory functions to all elements of the national government. Today the Council is a learning, networking and best practice sharing organization for the chief executive officers of the world's most competitive enterprises. The Council is not an advocacy group and will not take positions on public policy. Membership is personal, by invitation only and non-transferable.

Members meet three times a year to discuss public policy and economic issues relevant to the members' businesses with top officials of government and other thought leaders in academia, science, technology and society at large.

About Caterpillar

For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2007 sales and revenues of $44.958 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.cat.com.

SOURCE Caterpillar Inc.

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