Tag Archive for 'Konecranes'

Terex Names John L. Garrison, Jr. New Chief Executive Officer

terex468x57Terex Corporation (NYSE:TEX) today namedJohn L. Garrison, Jr.Chief Executive Officer and President effective November 2, 2015. He will also become a member of the Terex Board of Directors effective November 2, 2015. Mr. Garrison will succeed outgoing CEO Ronald M. DeFeo, who will continue to serve as Executive

Ron DeFeo

Ron DeFeo

Chairman of the Company through December 31, 2015. Mr. DeFeo will continue as a consultant for Terex after December 31, 2015 through December 31, 2016.

Mr. Garrison joins Terex from Textron, Inc. (NYSE:TXT) where he served as President and CEO of their Bell Helicopter Segment. Prior to that, Mr. Garrison was President of Textron’s Industrial Segment and E-Z-GO. He was also President and CEO at Azurix Corporation and 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. The Board considered a highly qualified

John L. Garrison, Jr.

John L. Garrison, Jr.

pool of outstanding candidates and we strongly believe that John is the right person to lead Terex and Konecranes Terex into the future,” said David Sachs, Terex Lead Director. “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.”

Mr. 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. I look forward to building on the strong foundation the team has built and positioning Terex and Konecranes Terex for success in the future,” said Mr. Garrison.

Mr. 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, CT.

Terex Corporation (NYSE:TEX) recently announced the following senior executive changes

logo_terex_rTerex 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.”

Terex Corporation and Konecranes Plc have approved an agreement to combine their businesses in a merger of equals

terex_corp_headerTim Ford – President, Terex Cranes and Utilities:

We are pleased to inform you that the respective Boards of Directors of Terex Corporation and Konecranes Plc have unanimously approved an agreement to combine their businesses in a merger of equals. The new company will be called Konecranes Terex Plc and will be a global leader in Lifting and Material Handling Solutions.

The transaction is subject to approval by both Terex and Konecranes shareholders, regulatory approvals and customary closing conditions. Based on the outcome of these decisions, we are expecting closing in the first half of 2016. Until then, the two companies will continue to operate as separate and independent companies.

We are convinced that bringing these two highly complementary businesses together will create significant value for you, our customers, by enlarging our family of leading brands and broadening our geographic presence. Through this combination, you will benefit from a highly complementary product portfolio. Konecranes Terex will be the parent to a family of leading brands in the Industrial Lifting, Port Solutions, Aerial Work Platforms and Cranes sectors, including Demag®, Konecranes®, Terex® and Genie®. Our Terex®, Powerscreen®, CBI®, Terex®Fuchs and Terex®Finlay brands will continue to serve the materials processing, recycling and construction sectors. Our combined range of highly innovative products will allow us to offer you comprehensive solutions that are tailor-made for your specific needs.

Bringing together the R&D competencies of the two businesses will unleash great potential. Konecranes Terex will be well positioned to further drive technology innovation and new solution developments.

Leading up to the completion of the merger, we will continue serving your needs with our utmost dedication. Once integration is underway, we are fully committed to having a seamless transition process in place so that you will benefit from the enhanced business capabilities of the combined organization going forward.

Your contact person will be happy to answer any further questions you may have. Further details on today’s announcement are available on our website: www.terex.com/en/investor-relations.