Caterpillar Group Executives Cash Out Hundreds of Billions After Exercising Stock Options

In early February, Anthony D. Fassino and Bob De Lange, group presidents at U.S. heavy-equipment maker Caterpillar Inc. (NYSE: CAT), each exercised substantial stock options and, after tax withholding and open-market sales, converted tens of millions of dollars’ worth of Caterpillar shares into cash—equivalent to several hundred billion Korean won.

On February 2, Fassino exercised options on roughly 15,000 shares, had a portion withheld to cover taxes, and sold the balance. He continues to hold about 41,000 shares outright and, together with his 401(k) account, maintains an equity stake valued at approximately $30 million (around 40 billion won).

De Lange exercised a total of 40,000 options over February 2 and 4, then settled required tax withholdings and disposed of shares in the open market, realizing proceeds in the tens of millions of dollars (roughly 20 billion won). He still owns about 80,000 shares, with that remaining position valued at over $50 million (approximately 70 billion won).

Caterpillar reported on January 29 that it achieved record quarterly revenues and annual sales of $67.6 billion in 2025, and it returned $7.9 billion to shareholders that year through dividends and share repurchases (about 10 trillion won). Strong demand for generators used in AI data centers has supported bullish outlooks, and Jefferies recently raised its Caterpillar price target to $750. Fassino is slated to retire in May, with his successor expected to be named in February.

As a leading U.S. industrial-equipment company specializing in construction and mining machinery, engines and power systems, Caterpillar is a component of the Dow Jones Industrial Average and has increased its dividend for more than 30 consecutive years as a member of the S&P 500 Dividend Aristocrats. Fassino and De Lange oversee major business units, and these transactions reflect the scheduled maturity of long-term incentive stock options, which triggered standard tax withholding and partial share sales.