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Terex Corp. announces senior leadership changes


January 15, 2013
By Aggregates and Roadbuilding

January
15, 2013, Westport, Conn. – Terex Corporation (NYSE:TEX) announced several changes to the company's leadership team.

January
15, 2013, Westport, Conn. – Terex Corporation (NYSE:TEX) announced the
following leadership changes:



Kevin Bradley, currently President, Terex Cranes, will transition to the role
of Senior Vice President and Chief Financial Officer effective immediately
after the filing of the Company’s Annual Report on Form 10-K for 2012. Mr.
Bradley was named President, Terex Cranes in January 2011. Prior to this
appointment, Mr. Bradley had served as President, Terex Financial Services
since joining Terex in 2005. Prior to joining Terex, Mr. Bradley had financial
roles of increasing responsibility at GE Capital and AT&T Capital. Terex
previously announced that Phil Widman would be retiring as Senior Vice President
and Chief Financial Officer effective March 31, 2013.

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 Tim
Ford, currently President, Terex Aerial Work Platforms (AWP), will become
President of Terex Cranes effective immediately. The Terex Utilities business
and the recently established Terex Services North America business will
continue to be the responsibility of Mr. Ford. Mr. Ford will also have direct
responsibility for the Company’s Latin American operations as well as Corporate
Strategic Accounts and Government Programs. Mr. Ford joined Terex in 2006
following executive assignments at Toro, Honeywell and General Electric.



Steve Filipov, currently President Developing Markets and Strategic Accounts,
will become President, Terex Material Handling & Port Solutions effective
immediately. Mr. Filipov will also assume the position of Chief Operating
Officer of Demag Cranes AG as we continue the transition of this business into
the Terex family. Mr. Filipov will retain overall Terex responsibility for the
Russian market as well as Corporate Marketing. Mr. Filipov joined Terex in 1995
and has held positions of increasing responsibility, including President of
Terex Cranes from 2004-2008.



George Ellis, currently President, Terex Construction, will continue in this
role and also assume responsibility for the Company’s operations in India. Mr.
Ellis joined Terex through the Genie acquisition in 2002 and has held several
senior management positions at various Terex operations. Previously he held
leadership positions at General Electric, Pratt & Whitney and PPG
Industries.


 Matt
Fearon, currently Vice President and General Manager of AWP Americas, will
become President, Terex AWP effective immediately. Prior to this, Mr. Fearon
had been Managing Director of AWP Europe. Mr. Fearon has 25 years of industry
experience and has worked within the Terex/Genie operations for 18 years.



Aloysius Rauen will continue in his current role as CEO of Demag Cranes AG and
has announced his intention to resign during the course of 2013 once the
integration of the Demag Cranes business into the Terex group is further along.
Upon Mr. Rauen’s resignation, Mr. Filipov will assume the role of CEO of Demag
Cranes AG. 



“These
changes are intended to strengthen the Company’s leadership team and provide
our executives with new learning and growth opportunities. They reflect both a
maturing and broadening of scope for the Terex leadership team,” commented Ron
DeFeo, Terex Chairman and Chief Executive Officer. “I am confident that under
Kevin’s leadership, Terex will continue to maintain the highest standards of
financial integrity that has helped define Terex’s finance organization and our
Company as a whole. Tim, Steve, George and Matt have demonstrated strong
leadership skills during their tenures with Terex and I believe their increasing
responsibilities will serve our customers well and us. I thank Aloysius for his
dedication to Demag Cranes and its employees and his efforts in integrating Demag
Cranes into the Terex group.”

 

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.


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