Altorfer Inc., a Caterpillar dealership with 22 locations in 15 cities in Iowa, Illinois and Missouri, has named Derek Altorfer executive vice president, part of the third generation of the Altorfer family to serve in an executive capacity as the company celebrates 55 years of operations in 2012. Altorfer was elected to the post by the company’s board of directors.

“As we reach this milestone, it’s important for us to look back and acknowledge what our company has been able to accomplish,” said Bruce Altorfer, president of the family-owned company. “Even more so, we also look to the future and are excited to see the next generation carry on the legacy Ed Altorfer began in 1957.”

Derek Altorfer joined the company in 2006 as marketing manager and most recently managed all construction parts operations and information technology functions. As executive vice president, Altorfer will be responsible for the company’s five operation divisions: construction, power systems, agriculture, rental services and lift truck. He will also oversee finance, human resources, marketing, IT and safety.

“This is an exciting time for our company,” he said. “I have been passionate about the business from a young age and am fortunate to move into this role surrounded by colleagues who are experts in the industries we serve.”

According to its website, Altorfer offers rental services at 18 of its 22 locations, including Cat Rental Stores, construction, power equipment and lift truck rentals, depending on the location.