Leadership changes underway at Terex

Terex will have a new CEO in place effective Nov. 2, 2015.
Terex will have a new CEO in place effective Nov. 2, 2015. | Courtesy of Shutterstock
John Garrison Jr. was named chief executive officer and president of Terex Corp., effective Nov. 2 when he will also become a member of the board of directors.

Garrison will succeed outgoing CEO Ronald DeFeo, who will continue to serve as executive chairman of the company until Dec. 31, at which time he will be a consultant for Terex until Dec. 31, 2016.

“John is a proven leader with considerable experience across a variety of industries," Terex lead director David Sachs said. "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.”

As DeFeo prepares to step down, he said the company is being left in good hands.

“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,” DeFeo said.

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