Terex Corporation (NYSE:TEX) recently announced the following senior executive changes:
- Tim Ford, currently President, Terex Cranes, is leaving the Company to pursue other opportunities.
- With Mr. Ford’s departure, Ken Lousberg, currently President of Terex China, will take on the role of President of Terex Cranes as well as the responsibility for Latin America previously with Mr. Ford. While Mr. Lousberg will retain responsibility for China, a Country Leader for our Chinese business will be named as soon as possible to help coordinate our business in China reporting to Mr. Lousberg. Mr. Lousberg joined Terex through the Genie acquisition in 2002 and has held several senior management positions at various Terex operations.
- George Ellis will take on a new role as Senior Vice President, Operations Planning and President, Terex Construction. In addition to retaining his current responsibilities for Terex Construction, Government Programs and India, Mr. Ellis will assume global responsibility for the Terex Business System, sourcing, transportation, logistics, and manufacturing footprint. Mr. Ellis also joined Terex through the Genie acquisition in 2002 and has held several senior management positions at various Terex operations.
- Scott Hensel, now Vice President, Terex Services North America has been named to the newly created position of Vice President and Managing Director, Terex Utilities and Services reporting to Ken Lousberg. In this new role, in addition to his current responsibility for managing and growing the North American services business, Mr. Hensel will also have management responsibility for the Terex Utilities business. Mr. Hensel was previously a partner at McKinsey & Company and joined Terex in 2014 to improve and grow the Terex Services North America business.
- Kieran Hegarty, President, Terex Materials Processing will assume management responsibility for the Terex Fuchs business which will become part of the Terex Materials Processing segment.
Ron De Feo, Terex Chairman and Chief Executive Officer, commented, “While we expect to achieve substantial synergies with the announced merger with Konecranes, as we think ahead and help position the company for the merger we must continue to organize the company and operate Terex in a way that is best for the business.”
“We thank Tim Ford for his dedicated service and leadership within both the AWP segment and his current position with Terex Cranes, and wish him the best in his future endeavors,” remarked Mr. De Feo. Commenting on the new assignment for Mr. Lousberg, Mr. De Feo continued, “Ken Lousberg is the right person to lead our efforts to continue to improve our global cranes business. Ken has previously served in multiple leadership roles within our Cranes business and will be in an excellent position to start immediately with the important work of growing our Cranes business. Ken has demonstrated strong leadership skills during his tenure with Terex and I believe his increasing responsibilities will serve us and our customers well.”