Schaefer Elected Chairman of Caterpillar Tractor Co.

George A. Schaefer, vice chairman of Caterpillar Tractor Co., was elected chairman of the Peoria, Ill.-based firm Wednesday, succeeding Lee L. Morgan, who is retiring Jan. 31.

Schaefer, 56, joined Caterpillar in 1951 and moved up through the ranks of the firm’s finance and accounting staffs. In 1976, he was named a vice president in charge of the company’s financial and data-processing operations. He became an executive vice president in 1981. He was named a director of Caterpillar in 1983 and vice chairman last August. He will take over as chairman Feb. 1.

Morgan, who has become an informal spokesman for U.S. manufacturing companies on international trade issues, will remain on the company’s board after he retires, Caterpillar said.