Terex names new CEO

Terex Corporation announced Oct. 15 that John L. Garrison Jr. will be its chief executive officer and president, as well as a member of its board of directors effective Nov. 2, 2015.

Garrison will succeed outgoing CEO Ronald M. DeFeo, who will continue to serve as executive chairman of the company through Dec. 31, 2015, and then continue to work as a consultant for Terex through Dec. 31, 2016.

Garrison joins Terex from Textron, Inc., where he served as president and CEO of its Bell Helicopter Segment. Prior to that, Garrison was president of Textron’s Industrial Segment and E-Z-GO. He was also president and CEO at Azurix Corporation, held senior leadership positions at Case Corporation, and served as an officer in the United States Army.

“John is a proven leader with considerable experience across a variety of industries,” said Terex Lead Director David Sachs. “The Board considered a highly qualified pool of outstanding candidates, and we strongly believe that John is the right person to lead Terex and Konecranes Terex into the future. We are grateful for Ron’s many contributions to Terex over the years and his leadership through both good and bad economic cycles in continuing to improve the company into the premier company it is today. We are pleased that Ron will be available through the leadership transition.”

DeFeo added, “I am proud of the company Terex has become in my 23 years as Terex’s leader. With my planned retirement, this day was inevitable, and I am confident that John will be able to continue to create value for our shareholders and the shareholders of Konecranes Terex.”

“I am extremely excited to be leading Terex at such an important time in its history,” said Garrison. “I look forward to building on the strong foundation the team has built and positioning Terex and Konecranes Terex for success in the future.”

Garrison is a 1982 graduate of the United States Military Academy at West Point and received a Master of Business Administration from the Harvard Business School. He will be based in Westport, Conn.

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