20 October 2015, 11:56
Ron DeFeo, chairman and chief executive officer of Terex Corp., is retiring after 23 years as head of the company.
John Garrison Jr., president and CEO of Bell Helicopter, has been appointed CEO and president of Terex, effective Nov. 2.
“I am proud of the company Terex has become in my 23 years as Terex’s leader,” DeFeo said. “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.”
The leadership change came after the Aug. 11, 2015, announcement that Terex was merging with Kronecranes, based in Finland. The new company, Kronecranes Terex, was being incorporated in Finland.
DeFeo will continue as company chairman through Dec. 31, 2015, after which he’ll remain as a consultant for a year.
Garrison has worked for Textron Inc., Bell Helicopter’s parent company, since 2002. He was president of Textron’s industrial division before he was appointed Bell Helicopter’s president and CEO in July 2009.
Prior to joining Textron, Garrison was chairman, president and CEO of Azurix Corp., a global water company. He previously was vice president and general manager of Case Corp.’s North American agricultural group and vice president and general manager of Case’s agricultural systems group.
“I am extremely excited to be leading Terex at such an important time in its history,” Garrison said. “I look forward to building on the strong foundation the team has built and positioning Terex and Konecranes Terex for success in the future.”