Jennifer Rumsey, the chief operating officer of Cummins Inc., was promoted to chief executive officer, becoming the first female leader of the 103-year-old engine maker.
Current CEO Tom Linebarger, 59, will step down from the role Aug. 1 and remain executive chairman, the Columbus, Indiana-based company said Thursday in a statement.
Rumsey, 48, who was appointed as the company’s first female COO in March 2021, was named a director in February and will retain the board seat.
Rumsey’s promotion will bring the number of women leading S&P 500 companies to 34, adding back to the ranks after female leaders at First Republic Bank and Match Group Inc. departed earlier this year.
It also follows the high-profile ouster this week of Sonia Syngal at Gap Inc. after 2.5 years in the job.
Gap was dropped from the S&P 500 earlier this year.
Rumsey previously led Cummins’ components division and was chief technical officer, where the company says she laid the foundation for the New Power Business unit and goals to reach net zero emissions by 2050.
The company is trying to capitalize on the shift toward electric and hybrid engine technology, an effort boosted by its $2.6 billion acquisition this year of Meritor Inc.
Buoyed by rising sales and profits, Cummins has outpaced the market this year with shares down 8.5% through Wednesday, compared with a 20% slide in the S&P.
Cummins slipped 2.5% at 10:07 a.m. Thursday.
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