14.01.2013

New presidents for Terex Cranes and AWP

Terex has announced a major management reshuffle -including Tim Ford moving to Terex Cranes, while Matt Fearon takes over at Genie/Terex AWP.

The changes as announced are as follows:

Terex Cranes president Kevin Bradley will take over as group chief financial officer once the company has filed its 2012 results. He replaces Phil Widman who retires at the end of March - as previously announced.
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Kevin Bradley

Tim Ford, currently president of Terex Aerial Work Platforms/Genie, becomes president of Terex Cranes effective immediately. He will continue to be responsible for Terex Utilities and Terex Services North America. He will also have direct responsibility for the company’s Latin American operations as well as corporate strategic accounts and government programmes.
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Tim Ford

Ford’s position at Terex AWP will be taken over by Matt Fearon, currently general manager of Terex AWP Americas. This appointment also takes effect immediately.
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Matt Fearon

Steve Filipov, currently president developing markets and strategic accounts, will become president, Terex Material Handling & Port Solutions. He also becomes chief operating officer of Demag Cranes as the business is moved fully into the Terex group.
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Steve Filipov

George Ellis, remains as president, Terex Construction and assumes responsibility for the company’s operations in India.

Aloysius Rauen continues in his current role as chief executive of Demag Cranes and has announced his intention to resign during the course of 2013 Filipov will then suceed him.

Terex group chief executive Ron DeFeo said: “These changes are intended to strengthen the company’s leadership team and provide our executives with new learning and growth opportunities. They reflect both a maturing and broadening of scope for the Terex leadership team.”

“I am confident that under Kevin’s leadership, Terex will continue to maintain the highest standards of financial integrity that has helped define Terex’s finance organisation and our company as a whole. Tim, Steve, George and Matt have demonstrated strong leadership skills during their tenures with Terex and I believe their increasing responsibilities will serve us and our customers well.”

“I thank Ays for his dedication to Demag Cranes and its employees and his efforts in integrating Demag Cranes into the Terex group.”

Vertikal Comment

This is an interesting series of changes, spurred on by Phil Widman’s October retirement announcement. It will certainly help further integrate the group and bring new talents to play in some of the businesses. Most importantly it will focus Kevin Bradley’s main strengths – financial - on a critical role for the business.

But most importantly it will give additional experience for all of the individual presidents, so that they are better placed to support a strong succession plan for when DeFeo decides to give up his day to day executive duties.

In particular it gives Tim Ford the opportunity to learn the crane business, having spent six years as president of the aerial lift business - which will make him a stronger succession candidate, given that the Aerial lift and crane businesses represent the bulk of the group’s profits and almost half its revenues.