John L Garrison Jr has been appointed president & CEO of Terex, effective from November 2. He takes over from Ron DeFeo, who is retiring, but will continue to serve as executive chairman until the end of the year.
Mr Garrison joins Terex from Textron where he served as President and CEO of Bell Helicopter. Prior to that, M. 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.
Under the merger agreement announced between Terex and Konecranes in August, Mr Garrison will serve as CEO of the new company, following the closing of the deal – expected in the first half of next year. The chairman of Konecranes Terex entity will be the current chairman of Konecranes, Stig Gustavson. Mr DeFeo will continue as a consultant for Terex throughout 2016.
Terex director David Sachs 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 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.”
Mr. Garrison said, “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.”