Pat Ward to Retire as Chief Financial Officer After More Than 30 Years With Cummins; Mark Smith Named Successor
Cummins Inc. (NYSE: CMI) announced today that Chief Financial Officer (CFO) Pat Ward is retiring after 31 years and Mark Smith is succeeding him. Both moves are effective March 31, 2019.
“Pat has had an extraordinary career at Cummins,” said Cummins Chairman and CEO Tom Linebarger. “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.”
“On behalf of the Board of Directors, I thank Pat for his excellent service,” said Bob Herdman, chairman of the Audit Committee. “As Pat transitions his CFO responsibilities to Mark Smith, he leaves behind a strong finance function positioning the company well for continued success.”
In an internal email sent to global employees, Ward reflected on his career and the depth of experiences, friendships and opportunities that were critical to his success.
“At different stages of my career, people took a chance on me, starting at my first job as a small plant controller, to being offered the role of Chief Financial Officer 20 years later,” Ward said. “I was also fortunate to find a company whose values mirror my own.”
Mark Smith will succeed Ward as CFO. Smith brings more than two decades of financial expertise to the role, most recently serving as the Vice President of Financial Operations where he worked with finance controllers to ensure that the company met its operational and financial commitments. In addition, Smith led the Investor Relations, Business Planning and Analysis, and Capital Management functions at Cummins.
Prior to Smith’s 20 years with Cummins, he spent six years as a public accountant with Ernst & Young in the U.K. “Mark’s global financial experience and knowledge of the company will serve Cummins and our stakeholders well, and we look forward to supporting him during the transition,” Herdman said.
“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 Inc., a global power solutions leader, comprises five business segments – Components, Engine, Distribution, Power Systems and Accelera by Cummins – supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company’s commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 75,500 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $735 million on sales of $34.1 billion in 2023.
