Terex appoints new CEO and president
John L Garrison Jr will take over as Terex's chief executive officer and president as of 2 November , 2015
Terex has named John L Garrison Jr its new chief executive officer and president.
Garrison, who will succeed outgoing CEO Ronald M DeFeo, will assume his new responsibilities as of 2 November, 2015.
DeFeo will continue to serve as Terex's executive chairman until 31 December, 2015, and as a consultant to the company after this point.
Commenting on Garrison's appointment, David Sachs, Terex's lead director, said: “John is a proven leader with considerable experience across a variety of industries 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 [firm] it is today. We are pleased that Ron will be available through the leadership transition.”
Outgoing CEO 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.
Garrison is a 1982 graduate of the United States Military Academy at West Point, and has a master's degree in business administration from Harvard Business School.
Terex's new CEO and president concluded: “I am extremely excited to be leading Terex at such an important time in its history. I look forward to building on the strong foundation the team has built and positioning Terex and Konecranes Terex in the future."