DEERFIELD — Caterpillar Inc. has selected a new chief financial officer in the wake of Brad Halverson's retirement from the position Friday.

The company said in a news release Friday morning that the board of directors has selected Andrew Bonfield for the CFO post. Most recently he has been group CFO and board member of a British multinational gas and electric utility, National Grid plc. Previously, he served the same role at British candy company Cadbury, and from 2002-08 was CFO and executive vice president at U.S. drug company Bristol-Myers Squibb, and held a host of prior financial posts. He was educated at the University of Natal in Durban, South Africa.

"Andrew's global financial experience across a variety of industries will serve Caterpillar and our stakeholders well," said CEO Jim Umpleby in a news release. "We look forward to him joining our executive office."

Bonfield will take up the Caterpillar post on Sept. 1.

Until that time, Joe Creed, Caterpillar Finance Services Division vice president, will serve as interim CFO while retaining his existing portfolio.