Terex Names John L. Garrison, Jr. New Chief Executive Officer
October 15 2015 - 04:15PM
Business Wire
Terex Corporation (NYSE:TEX) today named John 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 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 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.
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.
About Terex:
Terex Corporation is a lifting and material handling solutions
company 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, manufacturing, shipping, transportation, refining,
energy, utility, quarrying and mining industries. Terex offers
financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
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version on businesswire.com: http://www.businesswire.com/news/home/20151015006518/en/
Terex CorporationTom Gelston, (203) 222-5943Vice President,
Investor Relationsthomas.gelston@terex.com
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