Filipov moves at Terex

04 March 2008

Steve Filipov, president, Terex Cranes, has a new job. Filipov takes the new position of president, developing markets and strategic accounts. He will continue to report to Tom Riordan, Terex president and chief operating officer.

Rick Nichols replaces Filipov as the new Terex Cranes president. Nichols moves from the job of president, Terex Materials Processing & Mining.

Filipov's move is one of several senior executive appointments made by Terex “in support of its strategy to increase its market presence in high growth markets around the world.”

Steve Filipov told IC, “I will never be too far from Cranes as I will be supporting the team to execute on their global product and manufacturing strategy. The global demand for cranes is actually coming from emerging markets due to the lack of energy and infrastructure.

“I will primarily focus on developing our manufacturing footprint, marketing initiatives, local resources for supply chain opportunities, coordinate and assist on executing on integration and implementation of the Terex Business System, in addition to presenting a ‘One Terex' approach leveraging the size and potential of Terex to customers and potential suppliers. I will start with the existing locations and branch out from there, Russia, Eastern Europe, India, South America, China,” Filipov continued.

“Steve Filipov is the right person to lead efforts to improve Terex relationships with our large global customer strategic accounts and to oversee a more aggressive approach to increasing our presence in developing markets,” said Tom Riordan. “Rick Nichols will lead capacity improvement efforts in our crane facilities while continuing the globalisation of our business, and we are excited about future prospects for this rapidly expanding segment.”

Riordan continued, “With these appointments, we are putting in place the leadership we need to meet the challenging objectives we have set for Terex, including our ambitious 12 x 12 in ‘10 goal. We are clearly aiming to grow Terex to have $12 billion of net sales with a 12% operating margin in 2010.”

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