16.01.2008

New president for Terex Cranes

Terex has announced a series of management changes “in support of its strategy to increase its market presence in high growth markets around the globe. The appointments are effective immediately.

The most significant change is that Steve Filipov moves from being president of Terex Cranes to the new position of president, developing markets and strategic accounts, reporting to Terex president and chief operating officer Tom Riordan.

He will be replaced at Terex Cranes by Rick Nichols who becomes president. He was previously president of Terex Materials Processing & Mining. He also reports to Riordan. Nichols is credited with leading the advancement of lean manufacturing to improve margins and capacity, overseeing acquisitions, and changing the business strategy for the Terex mining truck business.
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Rick Nichols

Harry Bussman general manager of the Terex O&K large hydraulic mining shovel business will head up the Terex Mining on a provisional basis, reporting to Nichols while a search is conducted for a president of the overall Materials Processing & Mining segment. The Materials Processing business led by Kieran Hegarty will report to Riordan on an interim basis.

George Ellis of Terex Utilities has been appointed as vice president, manufacturing services, also reporting to Riordan. He will continue to lead the Utilities business until a replacement is named. In his new role Ellis will have responsibility for the Terex manufacturing strategic plan and assisting business operations with capital expenditure budgets.

Commenting on the management changes Riordan said: “Steve Filipov is the right person to lead efforts to improve Terex relationships with our large global customer strategic accounts and to oversee a more aggressive approach to increasing our presence in developing markets,”

“Rick Nichols will lead capacity improvement efforts in our Crane facilities while continuing the globalisation of our business, and we are excited about future prospects for this rapidly expanding segment.”

“With these appointments, we are putting in place the leadership we need to meet the challenging objectives we have set for Terex, including our ambitious 12 x 12 in ’10 goal. We are clearly aiming to grow Terex to have $12 billion of net sales with a 12 percent operating margin in 2010,” He added.