Terex Names New CEO

Terex Corp. named Textron Inc. executive John L. Garrison Jr. its new chief executive officer, ending a search that began in late July.

Mr. Garrison, who is CEO of Textron's Bell Helicopter business, succeeds Ron DeFeo, who has been at the helm of the crane maker for 20 years. Mr. DeFeo has presided over a long series of acquisitions, including Terex's pending merger with industrial-crane maker Konecranes PLC.

The deal, announced in August, will leave Terex shareholders with 60% of the stock in the new company, which will be known as Konecranes Terex PLC. The combined company will be incorporated in Finland, where Konecranes is based, but will maintain offices in Westport, Conn., where Terex has its headquarters.

After the deal closes, expected in the first half of next year, Mr. Garrison will head the combined company and Konecranes Chairman Stig Gustavson will be chairman.

Mr. DeFeo, whose contract expires at the end of the year, will continue to serve as Terex's executive chairman through Dec. 31 and will continue as a company consultant during 2016.

Write to Tess Stynes at [e-mail]

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(END) Dow Jones Newswires

October 15, 2015 18:05 ET (22:05 GMT)

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