Terex Announces Management Changes

Terex Corp., Westport, Conn., today announced several senior executive changes. Thomas Riordan, president and chief operating officer, has announced his resignation from Terex effective January 31. The company reports it does not intend to fill Riordan's position in the near future, and his responsibilities will be assumed by Ronald M. DeFeo, Terex chairman and CEO.

Kevin Bradley has been named President, Terex Cranes, reporting to DeFeo, effective immediately. Bradley has served as President, Terex Financial Services (TFS) since he joined the company in 2005. He has led the establishment of TFS as a global captive finance company and a facilitator of the future growth of Terex. Prior to joining the company, Bradley spent nine years each at General Electric Capital Corp. and AT&T Capital Corp.

Bradley takes on his new role as Richard Nichols, formerly president, Terex Cranes, leaves the company in early February to pursue other opportunities.

Ramon Oliu has been appointed to Bradley’s TFS position. Oliu joined TFS in 2007 as business development leader, and in 2009 assumed the added responsibility for TFS Operations, Risk Management, and IT. Prior to joining Terex, he held significant roles with Virgin Mobile USA and AT&T Capital Corp. In his new role, Oliu will report to Phillip Widman, Terex senior vice president and chief financial officer.

"We thank Tom Riordan and Rick Nichols for their dedicated service and accomplishments at Terex, and wish them the best in their future endeavors," said DeFeo. Commenting on the new assignments for Bradley and Oliu, DeFeo said, "Kevin Bradley is the right person to lead our efforts to improve relationships with large global crane customers and continue the globalization of our crane business, and we are excited about the future prospects for this segment. In his TFS leadership role, Kevin has demonstrated his commercial skills and developed a keen understanding of our customer base."

DeFeo said Oliu “has the knowledge of the Terex business and the financial services experience to take over where Kevin left off and continue to build and expand TFS capabilities worldwide. We expect TFS to be a significant enabler of the growth of the Terex franchise as our end markets continue to recover."

The company also reports it will soon announce the newly created position of Senior Vice President, Terex Business System (TBS). Reporting to DeFeo, this person will be responsible for developing and implementing the TBS and accelerating Terex into position as a world-class, customer-focused operating company.

"TBS, which was initiated at Terex a few years ago, is more than an operations initiative,” said DeFeo. “It will become the enterprise-wide playbook to deliver our customer, team member and financial goals. We expect that TBS will provide us with significant competitive advantage through the use of customer-centric tools that continually enhance customer responsiveness and eliminate waste."