Altorfer Inc., founded by the late Edward Altorfer, is pleased to announce the Board of Directors has elected Derek R. Altorfer to the position of President, effective February 1, 2017. Derek succeeds his father Bruce Altorfer who had served as president since 1998. Caterpillar Inc. has endorsed the election by adding Derek to their Sales and Service Agreement as Altorfer Inc.’s newest Dealer Principal. Bruce Altorfer moves to chairman of the board, succeeding his brother Jim Altorfer, who is now vice chairman.
The Altorfer family celebrated the transition at the Caterpillar headquarters in March with the official Sales and Service Agreement signing ceremony with Caterpillar Chairman Doug Oberhelman, CEO Jim Umpleby and other Caterpillar leaders who administer the dealer network.
“This is huge for our company, because it means we have successfully transitioned our ownership from the second to the third generation of the Altorfer family,” said Bruce Altorfer. “It exemplifies the stability and success of our company, our culture and our values. Derek has the experience and the past performance to lead our dealership into the future.”
Derek Altorfer graduated from Luther College in 2001 with a B.A. in Management Information Systems and a minor in Economics. Following graduation, Derek worked at Wells Fargo Bank, N.A. in Minneapolis and was a firefighter for the Plymouth Fire Department in Plymouth, Minnesota.
Since joining Altorfer Inc. in 2006, Derek has held a range of marketing and operational positions of increasing responsibility. Most recently, he held the position of executive vice president, with responsibility for the company’s five operating divisions: Construction, Power Systems, Ag, Rental Services and Lift Truck.
“I am fortunate to be named president while surrounded by colleagues who love this business and are willing to meet the challenges of an ever-changing marketplace,” said Derek Altorfer. “Signing Caterpillar’s Sales and Service Agreement is a very proud moment for me. It is the culmination of years of work not done by one individual, but done together by many. I am humbled and excited to be able to lead our organization, representing world-class products, while perpetuating Edward’s legacy of serving customers.”