|Terex Corporation Announces Senior Leadership Changes|
WESTPORT, Conn.--(BUSINESS WIRE)--Jan. 14, 2013--
Terex Corporation (NYSE:TEX) announced the following leadership changes:
Kevin Bradley, currently President, Terex Cranes, will transition to
the role of Senior Vice President and Chief Financial Officer
effective immediately after the filing of the Company’s Annual Report
on Form 10-K for 2012. Mr. Bradley was named President, Terex Cranes
in January 2011. Prior to this appointment, Mr. Bradley had served as
President, Terex Financial Services since joining Terex in 2005. Prior
to joining Terex, Mr. Bradley had financial roles of increasing
responsibility at GE Capital and AT&T Capital. Terex previously
announced that Phil Widman would be retiring as Senior Vice President
and Chief Financial Officer effective March 31, 2013.
Tim Ford, currently President, Terex Aerial Work Platforms (AWP), will
become President of Terex Cranes effective immediately. The Terex
Utilities business and the recently established Terex Services North
America business will continue to be the responsibility of Mr. Ford.
Mr. Ford will also have direct responsibility for the Company’s Latin
American operations as well as Corporate Strategic Accounts and
Government Programs. Mr. Ford joined Terex in 2006 following executive
assignments at Toro, Honeywell and General Electric.
Steve Filipov, currently President Developing Markets and Strategic
Accounts, will become President, Terex Material Handling & Port
Solutions effective immediately. Mr. Filipov will also assume the
position of Chief Operating Officer of Demag Cranes AG as we continue
the transition of this business into the Terex family. Mr. Filipov
will retain overall Terex responsibility for the Russian market as
well as Corporate Marketing. Mr. Filipov joined Terex in 1995 and has
held positions of increasing responsibility, including President of
Terex Cranes from 2004-2008.
George Ellis, currently President, Terex Construction, will continue
in this role and also assume responsibility for the Company’s
operations in India. Mr. Ellis joined Terex through the Genie
acquisition in 2002 and has held several senior management positions
at various Terex operations. Previously he held leadership positions
at General Electric, Pratt & Whitney and PPG Industries.
Matt Fearon, currently Vice President and General Manager of AWP
Americas, will become President, Terex AWP effective immediately.
Prior to this, Mr. Fearon had been Managing Director of AWP Europe.
Mr. Fearon has 25 years of industry experience and has worked within
the Terex/Genie operations for 18 years.
Aloysius Rauen will continue in his current role as CEO of Demag
Cranes AG and has announced his intention to resign during the course
of 2013 once the integration of the Demag Cranes business into the
Terex group is further along. Upon Mr. Rauen’s resignation, Mr.
Filipov will assume the role of CEO of Demag Cranes AG.
“These changes are intended to strengthen the Company’s leadership team
and provide our executives with new learning and growth opportunities.
They reflect both a maturing and broadening of scope for the Terex
leadership team,” commented Ron DeFeo, Terex Chairman and Chief
Executive Officer. “I am confident that under Kevin’s leadership, Terex
will continue to maintain the highest standards of financial integrity
that has helped define Terex’s finance organization and our Company as a
whole. Tim, Steve, George and Matt have demonstrated strong leadership
skills during their tenures with Terex and I believe their increasing
responsibilities will serve us and our customers well. I thank Ays for
his dedication to Demag Cranes and its employees and his efforts in
integrating Demag Cranes into the Terex group.”
Forward Looking Statements
This press release contains forward-looking information based on the
current expectations of Terex Corporation. Because forward-looking
statements involve risks and uncertainties, actual results could differ
materially. Such risks and uncertainties, many of which are beyond the
control of Terex, include those factors that are more specifically set
forth in the public filings of Terex with the Securities and Exchange
Commission. Actual events or the actual future results of Terex may
differ materially from any forward looking statement due to those and
other risks, uncertainties and significant factors. The forward-looking
statements speak only as of the date of this press release. Terex
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement included in
this press release to reflect any changes in expectations with regard
thereto or any changes in events, conditions, or circumstances on which
any such statement is based.
Terex Corporation is a diversified global manufacturer reporting in five
business segments: Aerial Work Platforms, Construction, Cranes, Material
Handling & Port Solutions and Materials Processing. Terex manufactures a
broad range of equipment for use in various industries, including the
construction, infrastructure, quarrying, manufacturing, mining,
shipping, transportation, refining, energy and utility industries. Terex
offers financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its website
to make information available to its investors and the market at www.terex.com.
Source: Terex Corporation
Tom Gelston, 203-222-5943