Caterpillar Awards Stock Options to Retiring Executives

By James R. Hagerty 

Caterpillar Inc. said it is awarding stock options to Stuart Levenick and Steven Wunning, who both are retiring from their group president posts at the Peoria, Ill.-based maker of heavy equipment, effective Feb. 1.

Mr. Wunning, 63 years old, and Mr. Levenick, 61, each will receive stock options valued at $4 million, the company disclosed in a securities filing late Thursday. Mr. Wunning headed Caterpillar's mining-equipment division, while Mr. Levenick was most recently in charge of customer and dealer support.

In return, the two executives agreed not to compete with Caterpillar, poach employees from the company or "make any negative comment about or otherwise disparage the company or those associated with it," Caterpillar said.

Mr. Levenick had total compensation of about $5.3 million in 2013, according to the company's most recent proxy statement. Mr. Wunning's total compensation in 2013 was $4.5 million.

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