Ron DeFeo will retire from his post as CEO on November 2, after 23 years leading Terex Corp. He will continue as executive chairman through the end of the year, and will consult for the company through the end of 2016.
“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,” said David Sachs, Terex Lead Director. “We are pleased that Ron will be available through the leadership transition.”
John L. Garrison, Jr. will succeed DeFeo as CEO/president. He will also become a member of the Terex Board of Directors effective November 2, 2015.
Garrison joins Terex from Textron, where he served as CEO/president of its Bell Helicopter Segment. Prior to that, he was president of Textron’s Industrial Segment and E-Z-GO. He was also VP/general manager of Case's North American Agricultural Group and VP/general manager of its Agricultural Systems Group.
“John is a proven leader with considerable experience across a variety of industries,” said Sachs. “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.”
“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.