Update: This Dow Jones story links the departure of de Leon with the accounting “scandal” in China, although “de Leon wasn’t being accused of accounting misdeeds.”
Luis de Leon, a vice president at Caterpillar’s mining division and Bucyrus International’s former chief operating officer, is leaving the company, according to this story in the Business Journal.
From it:
De Leon was vice president of Caterpillar’s mining products division. Peoria, Ill.-based Caterpillar (NYSE: CAT) has its mining equipment headquarters in Oak Creek and operates plants in South Milwaukee and Milwaukee.
“We wish Luis well in his new endeavors,” said Steve Wunning, Caterpillar group president with responsibility for resource industries, in a written statement.
Caterpillar said it will name a replacement for de Leon in the near future.
Also, “Caterpillar Inc uncovered ‘deliberate, multi-year, coordinated accounting misconduct’ at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wiping out more than half its expected earnings for the fourth quarter of 2012,” according to this story from Reuters and other reports.
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