OFFICE OF THE CHAIRMAN
August 2026
To our shareholders,
For eleven years the corner office held one cat. He built the company as you know it: the stare that could end a meeting from across the room, the tie he never once loosened, the founding lore some of you were there for. The board is aware that no one is replacing that.
We are, however, introducing someone who intends to try.
He arrived on a Tuesday. Legal had not finished sizing the jacket. He wore it anyway, on the grounds that he had already decided the sleeves were fine and stopped taking questions on the subject.
He has since been placed at the head of nine departments, none of which he applied for and all of which he now runs identically: from a seated position, facing forward, saying nothing.
The board finds this acceptable.
We ask for your patience during the transition. We are not asking for your confidence. He has not asked for it either.
Sincerely,
The Board of Directors
CAT JR. HOLDINGS