Terex Leadership Changes

Terex Corporation has confirmed that John L. Garrison, Jr. is retiring as chairman and CEO, and a member of the board of directors, effective January 1, 2024.

Garrison will be succeeded by Simon Meester, current president of Terex Aerial Work Platforms, as the company’s president and CEO. Meester will also join the company’s board.

Garrison will work closely throughout the remainder of 2023 with Meester to ensure a seamless and orderly transition of responsibilities.

Joshua Gross, current Genie vice president of global strategy and product management, will be promoted to president of Genie. Garrison will continue as a consultant for Terex after January 1, 2024 through June 30, 2024.

David Sachs, currently lead independent director of the Terex Board will become non-executive chairman of the board effective January 1, 2024.

Garrison said: “Leading Terex has been the highlight of my career. Without a doubt, our success and achievements have been driven by our dedicated, engaged team members who live our Terex Way Values and Zero Harm Safety culture each and every day.

“Terex is in as strong a position as it has ever been in and now is the right time to begin the transition to Terex‘s next leader. I have had the privilege of working closely with Simon for a number of years and he has proven to be a global, strategic thinker with a natural ability to lead teams and drive results. I have great confidence that he is the right leader for Terex as the company focuses on delivering long-term value for its stakeholders.”

Sachs said: “I want to thank John for his significant contributions, leadership and dedicated years of service to Terex. Since his appointment as CEO, he has been instrumental in transforming our company into the Terex of today which comprises a very strong portfolio of market leading businesses. Under his leadership, Terex has experienced remarkable success and remains well positioned for continued growth. The naming of Simon as the next CEO is the culmination of a thorough and orderly succession planning process undertaken by the Terex board, that included the evaluation of internal and external candidates, to ensure continuity of leadership.”

Meester said: “We are in a great position for the future given our strong foundation, and I look forward to continuing to work closely with John to ensure a seamless transition. In the months ahead, I also will continue to work closely with Josh Gross to ensure a smooth transition at Genie. Josh has been a critical member of the Genie leadership team and is the right person to successfully drive Genie’s strategic initiatives going forward.”

Gross said: “I look forward to working alongside Simon and our leadership team as we continue to provide our customers with industry leading products and services. This is an exciting time for our business and an incredible opportunity to build the future together with our customers.”

Left to right: John L. Garrison, Jr.; Simon Meester; Joshua Gross

Full year outlook

Terex expects its full year 2023 earnings per share results to be approximately $7.05. The company will provide a detailed full year 2023 outlook when it releases its third quarter 2023 financial results on October 26, 2023.