George Schaefer, 84, Who Led a 1980s Caterpillar Transformation, Is Dead
George A. Schaefer, 84, an accountant whose leadership at construction equipment maker Caterpillar Inc. in the 1980s guided it from red ink to profits and global growth, died on April 9 in Peoria, Ill., says the firm, also based there.
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No cause of death was provided.
Schaefer's term as chairman and CEO, from 1985 until 1990, capped a 39-year company career.
He took the helm amid Caterpillar losses of nearly $1 billion, United Auto Workers strikes at its plants and stronger foreign competition, such as from Japan-based Komatsu Corp., according to a Harvard Business Review analysis.
In a statement, current Chairman Doug Oberhelman credits Schaefer for moving the firm "away from a centralized model to its current business-unit structure," which includes spending hundreds of millions to upgrade production and changing its name from Caterpillar Tractor Co.
In a 1989 article, The New York Times referred to Schaefer as a "heavy cost-cutter with a light touch."
After Schaefer retired, Caterpillar's continuing reorganization included a new vice chairman position and replacing three executive vice president roles with group presidents (ENR 2/1/90 p. 5).