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January 22, 2008 |
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TEREX CORP: Appoints Four Officers to Senior Executive Roles Terex Corporation has disclosed several senior executive appointments in support of its strategy to increase its market presence in high growth markets around the globe. Steve Filipov, who has been President, Terex Cranes, has been named to the new position of President, Developing Markets and Strategic Accounts, reporting to Terex President and Chief Operating Officer Tom Riordan. Mr. Filipov has led the Terex Cranes team that has dramatically increased business and profitability in the last three years. Much of this growth has come from developing markets. Rick Nichols has been named President, Terex Cranes. He has been serving as President, Terex Materials Processing & Mining. He also reports to Mr. Riordan. Mr. Nichols has been successful in leading the advancement of lean manufacturing capabilities to improve margins and capacity, overseeing acquisitions, and changing the business strategy for the Terex mining truck business. Harry Bussman has been promoted to run the global Terex Mining business. He had been General Manager of the Terex O&K large hydraulic mining shovel business. He will report to Mr. Nichols on an interim basis 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 Mr. Riordan on an interim basis. George Ellis has been appointed Vice President, Manufacturing Services, reporting to Mr. Riordan. Mr. Ellis currently leads the Terex Utilities business and will continue to do so until a replacement is named. Mr. Ellis has responsibility for the Terex manufacturing strategic plan and assisting business operations with capital expenditure budgets. "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," Terex President and COO Riordan said. "Rick Nichols will lead capacity improvement efforts in our Crane facilities while continuing the globalization of our business, and we are excited about future prospects for this rapidly expanding segment." Mr. Riordan continued, "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." About Terex Corporation Headquartered in Westport, Connecticut, Terex Corporation (NYSE:TEX) - http://www.terex.com/ -- manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. The company operates in five business segments: Aerial Work Platforms, Construction, Cranes, Materials Processing & Mining, and Roadbuilding, Utility Products and Other. The company has operations in Australia, Brazil, China, Japan, Germany, United Kingdom, among others. * * * In August 2007, Moody's placed the company's long-term corporate family rating and probability of default rating at Ba2, bank loan debt rating at Ba1, and senior subordinate rating at Ba3. These ratings still hold to date. Moody's said the outlook is stable. Standard & Poor's placed the company's long-term foreign and local issuer credits at BB, which still hold to date. S&P said the rating's outlook is stable. |
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