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Ex-Caterpillar CEO Lee Morgan dead at 89

Lee Morgan saw Caterpillar through some of its darkest hours in the early 1980s. Everybody who has job there today has him to thank for keeping the doors open as the company lost billions because the Federal Reserve’s get-tough policy against inflation sent the dollar soaring and crashed overseas demand for Caterpillar equipment. He died Wednesday at age 89, Paul Gordon reports in the Peoria Journal Star.

“Lee’s wise and steady leadership guided Caterpillar through some very turbulent waters during his career with the company,” said current Caterpillar Chairman Jim Owens. “He was a champion in the area of international trade and open markets, and today Caterpillar continues to benefit from his pioneering vision.”

Morgan was a sales and marketing guy who came up through the ranks to run the whole company.

There’s not a lot of narrative online about Morgan, though you could piece something together with a Google book search.

When he laid off half of Peoria, he kept my mom on the payroll, so he’s alright with me.

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Tom Mangan posted at 10:57 pm January 22nd, 2009 |

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