back to list

George A. Schaefer

Caterpillar Tractor Company

1985 - 1990

Construction & Real Estate

Military ServiceMarines
1980 b. 1928
UndergraduateSt. Louis University
BirthplaceKentucky (KY)
Era - 1980

A trained accountant, Schaeferís first task as CEO was to dramatically cut costs. Caterpillarís large, earth-moving products were no longer in high demand as in earlier years, so Schaefer decided to invest in making smaller machines for urban construction projects and cut back on traditional production. Though Schaeferís plans didnít return Caterpillar to the extremely profitable position it had previously enjoyed, his hard work at reorganization helped the company turn a profit of $486 million in 1986, its first in four years.