Cummins Inc. announced today that Chief Financial Officer (CFO) Pat Ward is retiring after 31 years and Mark Smith will succeed him. Both moves are effective March 31.
“Pat has had an extraordinary career at Cummins,” said 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.”
Smith, who will succeed Ward as CFO, 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 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.”