Cummins

Chair and CEO Jennifer Rumsey is a technically strong, long-tenured leader who advanced from CTO to CEO and then Chair, and has emphasized Destination Zero while staying grounded in returns.

Her tenure has included decisive steps: closing the Atmus separation, addressing the emissions matter, managing through a truck downturn, and leaning into data center power. The recent Accelera impairment and strategic review appear to reflect realism about policy-driven hydrogen timing.

Cultural and governance signaling are positive, and ratings agencies maintain stable outlooks. We see management as capable, focused on returns, and appropriately cautious on nascent technologies.