26.10.2016

Filipov back at Terex Cranes

Terex has appointed Steve Filipov as president of Terex Cranes, replacing Ken Lousberg who is leaving the company after just over a year in the job.

Filipov will take over the new role in addition to his current duties as president of Terex Material Handling and Port Solutions, until that business is transferred to Konecranes at the end of the year.
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Steve Filipov

At the same time Terex veteran Kevin O’Reilly, currently vice president, operational finance, becomes group vice president, finance for Terex Cranes, in order to provide the support needed to achieve the turnaround plans for the business.

Terex chief executive John Garrison said: “We thank Ken for his dedicated service and leadership over many years within Terex AWP, Terex China and his current position with Terex Cranes, and wish him the best in his future endeavours. Steve is the right person to lead the turnaround efforts to improve our global cranes business. He started his career at Terex in the company’s crane business and served as president of Terex Cranes from 2004 to 2008. Steve’s intimate knowledge of the Terex Cranes business, its products and, most importantly, its customers will put him in an excellent position to start immediately with the work of improving and growing our crane business. Steve has demonstrated strong leadership skills during his tenure with Terex and I am confident that in his new responsibility he will serve us and our customers well.”

“In addition, Kevin O’Reilly’s strong operational finance experience and achievements make him the ideal choice to provide the financial leadership and support that Steve and the entire cranes team need as they position Terex Cranes for success.”

Vertikal Comment

This is a bit of a surprise, Filipov was moved from the Terex Cranes business in 2008, since when there have been four presidents - Rick Nicholls, Kevin Bradley, Tim Ford and Ken Lousberg, with the tenure in the job seeming to be getting shorter with each change. Lousberg made some significant changes in his short time in the job, most notably the re-introduction of the Demag brand name earlier this year.

But the market for cranes is tough at the moment, particularly in North America where sales of Rough Terrains and boom trucks has been sliding for some time, and has been exasperated by the crash in oil prices, while the market has become increasingly competitive. There is a change in the air at Terex group level though, which ought to help Filipov build on the work that Lousberg started last year.
And who knows a slight easing in the oil price along with new crane regulations and rules might also help out a little?