COLUMBUS, Ind. — Cummins Inc. (NYSE: CMI) announced on Feb. 20 that after 35 years of service to the company, Steve Chapman, group VP of China and Russia, is retiring effective July 31, 2020. Nathan Stoner is replacing Chapman and being promoted to VP of China ABO, effective March 30, 2020.
Chapman joined Cummins in 1985, and was a key part of teams that began partnerships in China and then Russia in the mid and late 1980s, Dongfeng and Kamaz. Over the career that followed, Chapman was integral to many of Cummins important partnerships and joint ventures in China, Russia and India.
“Steve has a unique ability to bridge countries, cultures, customers, markets and economies,” said Tom Linebarger, chairman and CEO, Cummins, Inc. “From the beginning, Steve had a clear vision and recognized that we had many opportunities to bring our products and technologies to new customers and markets outside of the United States. His unrelenting commitment to breaking down barriers and lifting-up people will be his legacy for many years to come. I will miss Steve and wish him great happiness in his retirement.”
Over his career, Chapman held several positions related to Cummins’ international operations, including leadership of Southeast Asia and China during the 1990s. From 2002 to 2005, he established the International Distribution Business Unit, the predecessor of the current Distribution Business Segment, and served as its first business segment president. After heading-up the Emerging Markets and Business (EMB) from 2005 to 2008, he moved back to Beijing in 2008 to lead Russia and China ABO.
In addition to his Cummins accomplishments, Chapman has had the rare distinction of working in China over the entire 40 years of China’s “Reform and Opening Up.” Chapman was recognized by the Chinese government, media and business associations. He won China’s highest award given to foreigners, the “China National Friendship Award” (2016) and was named one of the “Ten Most Important Foreigners in China’s Automotive History” (2008), as well as one of the 40 “Most Influential Foreign Experts during 40 Years of China’s Reform and Opening Up” (2018).
To replace the retiring Chapman, Cummins is promoting Nathan Stoner to VP of China ABO, effective March 30, 2020. Stoner will report directly to President and COO, Tony Satterthwaite. Stoner has been with Cummins since 2010. Alexei Ustinov, VP of Off-Highway Engine Business & Russia ABO Leader, will continue to lead the Russia ABO.
“China is very important to Cummins and I believe that Nathan is the right choice to fill this critical leadership role,” said Linebarger. “Nathan is a terrific leader, a strategic thinker and an accomplished businessperson who delivers results while also developing high-performing teams. Nathan has a love for China and our people there, and he has a deep commitment to Cummins and our customers. These combined qualities make us confident that Nathan is the best person to lead Cummins China ABO into this new decade.”
Stoner currently serves as GM of Partnerships and the Engine Business Segment for the China Joint Venture Business. Stoner previously was the GM for the Power Systems Business in China, where he successfully led the restructure and integration of the former Power Generation Business, HHP Business and the CCEC joint venture. The team delivered significant growth in both revenue and profitability, due to several improvements implemented under his leadership.
Stoner also served as executive director of corporate business development, where he was responsible for developing, managing and executing Cummins’ global inorganic growth initiatives, including acquisitions, joint ventures, strategic alliances, divestitures and technology licensing. Stoner was also the Partnership and Key Account Functional Excellence Leader for China.
Prior to joining Cummins, Stoner worked for 12 years in many entrepreneurial, general management and strategy consulting roles, including design, strategy and implementation projects with Disney, Microsoft, IDEO, Charles Schwab, TCL, and Save the Children. He was the founder and general manager of Sino Universal, Ltd., a design and manufacturing firm located in China, in Ningbo, Shanghai and Hong Kong.
Stoner received his bachelor’s degree in architecture and mechanical engineering from Yale University and an MBA from Yale School of Management. Stoner has lived and worked in several cities across the U.S., London in the U.K., Addis Ababa in Ethiopia, and several cities in China. Currently, Stoner lives with his family in Beijing.
About Cummins, Inc.
Cummins, Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components, including filtration, after-treatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products.
Headquartered in Columbus, Ind. since its founding in 1919, Cummins employs approximately 61,600 people who are committed to powering a more prosperous world through three global corporate responsibility priorities that are critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and thousands of dealer locations worldwide. Cummins earned about $2.3 billion on sales of $23.6 billion in 2019. https://www.cummins.com/always-on
