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IBM elects Caterpillar CEO to board

IBM said Tuesday that James W. Owens, chairman and CEO of Caterpiller, will join IBM's board of directors on March 1.

In a statement, IBM chairman and CEO Samuel Palmisano lauded Owens' corporate experience and financial expertise. Caterpiller is a manufacturer of construction and mining equipment and industrial fuel engines and turbines. With Owens, IBM's board will have 14 members.