Two board members at Demag Cranes AG have decided to leave the company following its takeover by Terex last week.

Rainer Beaujean, chief financial officer, and Thomas Hagen, chief operating officer, made use of their special termination rights and will leave the management board by no later than 30 November 2011.

Demag Cranes said Beaujean and Hagen, who had both been in their positions at the company for nearly five years, reached their decision after the closing of the Terex Industrial Holdings AG voluntary public tender offer on 16 August 2011, which led to the change of control.

"I regret very much the decision that Mr Beaujean and Mr Hagen have taken, but understand why they have chosen to seek out new challenges after the successful takeover of Demag Cranes AG. I would like to thank Mr Beaujean and Mr Hagen for their excellent work and wish them all the best and every success for the future," commented Burkhard Schuchmann, chairman of the supervisory board.

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