Michel’s brand of politics doesn’t exist much anymore, having given way to a toxic polarization that has plagued Washington for years.
Michel was an affable Illinois congressman who served as leader of the GOP House minority for 14 years.
The decision means the construction-equipment manufacturer will not build a planned new headquarters complex in Peoria, which had been announced.
Former Illinois U.S. Rep. Aaron Schock, once a rising star in the Republican Party, has pleaded not guilty to federal corruption charges.
Caterpillar Inc. officials say the company’s new CEO will bring experience in global markets.
Caterpillar says CEO Doug Oberhelman will retire next year and will be replaced with Jim Umpleby. Oberhelman, 63, has been CEO since 2010.