- John L. Garrison, Jr. to
retire as Chairman and CEO effective January
1, 2024
- Simon Meester, current
President Terex Aerial Work Platforms, named next CEO
- Joshua Gross named next
President Genie
- Raises Full Year 2023 Outlook
NORWALK,
Conn., Oct. 17, 2023 /PRNewswire/ -- Terex
Corporation (NYSE: TEX) today announced that John L. Garrison, Jr. is retiring as Chairman
and Chief Executive Officer and a member of the Board of Directors,
effective January 1, 2024. Garrison
will be succeeded by Simon Meester,
current President Terex Aerial Work Platforms, as the Company's
President and Chief Executive Officer. Meester will also join the
Company's Board. Garrison will work closely throughout the
remainder of 2023 with Meester to ensure a seamless and orderly
transition of responsibilities. Joshua
Gross, current Genie Vice
President of Global Strategy and Product Management, will be
promoted to President Genie. Garrison will continue as a consultant
for Terex after January 1, 2024
through June 30, 2024. David Sachs, currently lead independent director
of the Terex Board will become Non-Executive Chairman of the Board
effective January 1, 2024.
Garrison said, "Leading Terex has been the highlight of my
career. Without a doubt, our success and achievements have been
driven by our dedicated, engaged team members who live our Terex
Way Values and Zero Harm Safety culture each and every day. Terex
is in as strong a position as it has ever been in and now is the
right time to begin the transition to Terex's next leader. I have
had the privilege of working closely with Simon for a number of
years and he has proven to be a global, strategic thinker with a
natural ability to lead teams and drive results. I have great
confidence that he is the right leader for Terex as the Company
focuses on delivering long-term value for its stakeholders."
Sachs said, "On behalf of the entire Board, I want to thank John
for his significant contributions, leadership and dedicated years
of service to Terex. Since his appointment as CEO, he has been
instrumental in transforming our Company into the Terex of today
which comprises a very strong portfolio of market leading
businesses. Under his leadership, Terex has experienced remarkable
success and remains well positioned for continued growth. The
naming of Simon as the next CEO is the culmination of a thorough
and orderly succession planning process undertaken by the Terex
Board, that included the evaluation of internal and external
candidates, to ensure continuity of leadership. The Board is
confident that Simon is the right choice to lead Terex in its next
phase of growth and value creation for our shareholders."
"I am excited and humbled to be named the next CEO of Terex,"
said Meester. "It is an honor and privilege to represent our
dedicated and hardworking team members. We are in a great position
for the future given our strong foundation, and I look forward to
continuing to work closely with John to ensure a seamless
transition. In the months ahead, I also will continue to work
closely with Josh Gross to ensure a
smooth transition at Genie. Josh has been a critical member of the
Genie leadership team and is the right person to successfully drive
Genie's strategic initiatives going forward."
Gross said, "I look forward to working alongside Simon and our
leadership team as we continue to provide our customers with
industry leading products and services. This is an exciting time
for our business and an incredible opportunity to build the future
together with our customers."
Raises Full Year 2023 Outlook
Terex expects its full year 2023 earnings per share results to
be approximately $7.05. The Company
will provide a detailed full year 2023 outlook when it releases its
third quarter 2023 financial results on October 26, 2023.
About Simon Meester
Simon Meester has been President
Aerial Work Platforms since May 2023.
He was appointed President, Genie, on August
1, 2021. Previously, Mr. Meester had been serving as
Chief Operating Officer of Genie since June
2020. He joined Terex in 2018 as Vice President, Global
Sales and Marketing Administration for Genie. Prior to joining
Terex, he was VP and General Manager of the Industrial Control
Division at Eaton Corporation. Earlier, he spent 14 years in
progressively senior roles at Caterpillar, Inc., before becoming
President, Sandvik Mining and
Construction in India. He has
managed global teams and operations for more than 20 years, based
in seven countries, including 11 years in the United States. He holds an MBA from the
University of Surrey, England and
a Bachelor of Science in automotive engineering, Apeldoom,
Netherlands.
About Josh Gross
Josh has been Genie's Vice President Global Strategy and Product
Management since July 2022, and prior
to that was Vice President Global Commercial Operations since
August 2020. Josh joined Genie in
2019 and has led areas including strategy, product management,
Genie Operating System, marketing, pricing and sales, inventory and
operations planning (SIOP). He has worked closely with Simon in
reimagining Genie's brand positioning, resulting in the launch of
Genie's updated brand promise, "Quality by Design." Before joining
Genie, Josh spent almost 11 years with Eaton, where he served in a
variety of roles in increasing levels of responsibility including
Plant Operations Manager and Multi-Site Leader, Global Product Line
Manager (P&L Leader), Product Manager, and Senior Sales
Engineer. Josh holds BS degrees in Aerospace Engineering and
Mechanical Engineering from West Virginia
University, and an MBA from Marquette
University.
Forward-Looking Statements
Certain information in this press release includes
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 (the "Exchange Act") and the Private Securities
Litigation Reform Act of 1995) regarding future events or our
future financial performance that involve certain contingencies and
uncertainties, including those discussed in our Annual Report on
Form 10-K for the year ended December 31, 2022, and subsequent
reports we file with the U.S. Securities and Exchange Commission
from time to time, in the sections entitled "Management's
Discussion and Analysis of Financial Condition and Results of
Operations – Contingencies and Uncertainties." In addition,
when included in this press release the words "may," "expects,"
"should," "intends," "anticipates," "believes," "plans,"
"projects," "estimates," "will" and the negatives thereof and
analogous or similar expressions are intended to identify
forward-looking statements. However, the absence of these
words does not mean that the statement is not
forward-looking. We have based these forward-looking
statements on current expectations and projections about future
events. These statements are not guarantees of future
performance. Such statements are inherently subject to a
variety of risks and uncertainties that could cause actual results
to differ materially from those reflected in such forward-looking
statements. Such risks and uncertainties, many of which are
beyond our control, include, among others:
Actual events or our actual future results may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and material factors. The
forward-looking statements contained herein speak only as of the
date of this press release. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained in this press
release to reflect any change in our expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
About Terex
Terex Corporation is a global manufacturer of materials
processing machinery and aerial work platforms. We design, build
and support products used in construction, maintenance,
manufacturing, energy, recycling, minerals and materials management
applications. Certain Terex products and solutions enable customers
to reduce their impact on the environment including electric and
hybrid offerings that deliver quiet and emission-free performance,
products that support renewable energy, and products that aid in
the recovery of useful materials from various types of waste. Our
products are manufactured in North
America, Europe,
Australia and Asia and sold worldwide. We engage with
customers through all stages of the product life cycle, from
initial specification to parts and service support.
Contact Information
Investors: Paretosh Misra
Head of Investor
Relations
Phone: 203-604-3977
Email:
paretosh.misra@terex.com
News media: William
Adler
Phone: 203-767-8001
Email:
william.adler@terex.com
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SOURCE Terex Corporation