Terex Corporation Announces Senior Leadership Changes
WESTPORT, Conn. -- January 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.
Tom Gelston, 203-222-5943
Vice President, Investor Relations
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