Cummins Incorporated (NYSE: CMI ) announced that the Board of Directors unanimously elected Jennifer Rumsey, President and Chief Executive Officer of Cummins, as Chairman of the Board, effective August 1, 2023. Lambert (Tom Linebarger) will officially retire on July 31 and step down as executive chairman and chairman of the board of directors of Cummins.
Rong Zhanning first served as a member of the Cummins board of directors in February 2022 and has served as the company’s president and chief executive officer since August 2022. During her more than two decades at Cummins, she has held several key positions, including Chief Technology Officer, President of the Components Division and Chief Operating Officer. In the dual roles of Chairman and CEO, she will continue to lead the company into the future, using her technical expertise and deep understanding of Cummins’ business to empower customers’ success in the energy transition.
At this critical historical point in the transformation of Cummins and the entire industry, Rong Zhanning was appointed as the chairman. Her planning of Cummins’ strategic vision, her focus on providing solutions to meet customer needs, and her focus on reducing environmental impact will lead the company to successfully embrace the transition to a zero-carbon future. Personally, I am incredibly proud and grateful to have had the privilege of being a part of Cummins for the past 30 years. I am very pleased to hand over the baton to Rong Zhanning and firmly believe that she is the ideal leader to lead Cummins forward during this important period.
Rong Zhanning said:
It is a great honor for me to be the chairman of the company. I would like to express my sincere gratitude to Rambowen, who was an outstanding leader in this company and a valued colleague and mentor. He has guided my career and leadership experience at Cummins and led the company to prosperity. Going forward, we will continue to create innovative solutions that effectively meet customer needs while positively impacting the communities we serve. As I said a year ago when I was CEO, we will continue to put people first. Today, I am proud to see the tireless efforts of every dedicated employee in the company to ensure that we are moving towards the company’s vision and goals. Foremost among these is our commitment to the Zero Carbon Goal, our corporate strategy to deliver a zero-emissions future, drive customer success, grow our business and generate strong returns for our investors.
Lambovin served as chairman and chief executive officer of Cummins from 2012 to 2022 and as executive chairman of the company for the past year. During his 10-year tenure, company revenue grew from $17.3 billion to a record $28.1 billion last year. Rambowen has led the company’s growth and ensured that it remains at the forefront of its industry, with major corporate initiatives including the formation of Cummins Accelera, the company’s zero-carbon solutions ), etc., to further expand the company’s product matrix. During his tenure, he invested heavily in employee development and well-being, building a high-quality, diverse leadership team. The company’s appointment today is in line with the Board’s succession planning and commitment to managers at all levels.
As the co-architect of the “Zero Carbon Goal”, Rong Zhanning has significantly advanced the company’s decarbonization strategy in his first year as CEO, and at the same time refreshed the company’s revenue for three consecutive quarters by the end of 2022 and the first half of 2023 record. During this period, Cummins continued to develop its core business, acquired Meritor, accelerated development of economically viable zero-carbon powertrain solutions, including an industry-leading multi-fuel powertrain platform, enhanced sales and service network and expanded customer relationships.
At the same time, Cummins advanced the development of innovative zero-emission solutions, rebranded the business unit and sent a clear signal to customers, employees, potential talent and policymakers that the company is committed to leading the way in zero-emissions power technology. In 2022, Cummins will invest $1.2 billion in technology research and development to drive innovation and growth across the business while delivering strong returns to shareholders. In order to fulfill its people-oriented commitment, Zhanning Rong has established new partnerships with major customers, and implemented a number of employee care initiatives during and after the epidemic.
“On behalf of the Cummins Board of Directors, I would like to express my sincere gratitude to Lambervin for his leadership of Cummins over the past three decades.” said Tom Lynch, Lead Director of the Cummins Board of Directors:
His dedication to Cummins has delivered tremendous growth and rewards for the company. At the same time, I am also very happy that Rong Zhanning has become the chairman of the board. She has demonstrated the leadership required for Cummins’ continued development and success. In her first year on the job, she led the company to record revenue and drove progress on key company initiatives. She has the deep technical expertise and ability to lead and develop people needed to lead us to our decarbonization goals. The board of directors believes that Rong Zhanning will help Cummins continue to flourish.
Born in Columbus, Indiana, USA, Zhanning Rong is a member of the Society of Women Engineers Worldwide, the Society of Automotive Engineers and the Women’s Trucking Association. She holds a BS in Mechanical Engineering from Purdue University and an MS in Mechanical Engineering from MIT. Throughout her career, she has advocated for diversity, equity, and inclusion in science, technology, engineering, and mathematics education (STEM) and has actively advanced women’s empowerment. She lives in Columbus with her husband and has two college-age daughters.