May 4, 2018 / 12:14 PM / 7 months ago

Caterpillar taps National Grid's Andrew Bonfield as CFO

FILE PHOTO: New excavators are seen at a port in Yokohama, south of Tokyo February 10, 2011. REUTERS/Toru Hanai/File

(Reuters) - Caterpillar Inc (CAT.N) said on Friday it named Andrew Bonfield of Britain’s National Grid (NG.L) as its chief financial officer, replacing Brad Halverson, who has been with the company for more than three decades.

Bonfield’s appointment comes at a time when Caterpillar is fighting an IRS demand that it pay $2 billion in taxes and penalties for shifting profit to its Swiss unit to lessen its U.S. tax bill.

Bonfield, 54, has been National Grid’s CFO for more than eight years, during which he oversaw the company’s $7 billion stake sale in its gas grid in 2016, which was then reported as one of the biggest British infrastructure deals in recent times.

He has held senior finance roles across a range of companies, including confectioner Cadbury Plc, which is now owned by Mondelez International Inc (MDLZ.O), and drugmaker Bristol-Myers Squibb (BMY.N). In March, Bonfield was named to the board of Reckitt Benckiser (RB.L).

Caterpillar said it would offer an annual base salary of $800,000 when Bonfield takes the job on Sept. 1.

Halverson, who retires on Friday, served as CFO since 2013.

Joe Creed will be the interim finance chief until Bonfield take over, Caterpillar said.

Reporting by Arathy S Nair and Arunima Banerjee in Bengaluru; Editing by Kevin Liffey and Anil D'Silva

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