Caterpillar's new headquarters goal: Change culture
To change a corporate culture, change the location of the corporate headquarters.
In a nutshell, that seems to be the goal of James Umpleby, Caterpillar's recently named CEO, who is leading the heavy construction and equipment maker's headquarters relocation from its longtime home in Peoria to an undetermined place in the Chicago area.
In moving its headquarters, Cat is signaling a departure from a storied past and positioning itself to operate a leaner, global manufacturing business in new ways.
For example, expect a greater focus on incorporating more digital and internet-based technologies into its heavy equipment and construction product mix, along with a growing focus on China and emerging international sales markets.
On that score, moving closer to O'Hare International Airport will make it easier and less time-consuming for Cat leadership to zoom around the globe. Cat will rent office space, but not construct a new headquarters, and eventually bring along about 300 jobs.
Such moves are expected to make these old-line companies more attractive to an increasingly urban-based and culturally diverse workforce that's digitally adroit and eager to do business on a worldwide scale.
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I think people here need to realize Chicagoland will always be more attractive for the top brass of Global companies. No one wants to jump on a small airport plane and do a transfer at O'Hare for a flight to Asia. ADM moved to Chicago from Decatur because the St. Louis airport did not grant them sufficient global access. Also, private corporate jets are frowned upon by institutional and activist shareholders, so that is not a valid argument for a Global HQ located in a small market. Most executives fly business first class. Smaller markets are more suitable for U.S. centric companies like Jimmy Johns.