Caterpillar CEO: No Plans to Leave Illinois

The head of Caterpillar says the company intends to stay in Illinois while working with the governor to improve the state's business climate.

CEO Doug Oberhelman met with Democratic Gov. Pat Quinn today to discuss a letter he recently sent Quinn. It warned that other states were trying to lure his company away because Illinois increased its income tax rate on corporations and individuals.

The Peoria-based company has more than 23,000 employees in Illinois.

Quinn says he understands Illinois must do more to improve its economy and image. He is seeking to overhaul the workers' compensation system and encourage the greater export of Illinois goods.

Oberhelman has agreed to serve on a council that will try to strengthen the export business.