Terex Announces Executive-Level Personnel Changes

Terex Corporation, Westport, Conn., recently announced 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 of Terex Cranes, has been named to the new position of president, developing markets and strategic accounts, reporting to Tom Riordan, Terex president and chief operating officer. Filipov has led the Terex Cranes team, which has increased business and profitability in the last three years. Much of the growth has come from developing markets.

Rick Nichols has been named president of Terex Cranes. He has been serving as president, Terex Materials Processing & Mining (MP&M). He also reports to Riordan. Nichols has lead 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 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 Riordan. Ellis currently leads the Terex Utilities business and will continue to do so until a replacement is named. 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," 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."

Riordan said he aims to grow Terex to $12 billion in net sales with a 12-percent operating margin in 2010.