Terex Corp. announced that John Garrison, Terex’s president and CEO, will also assume the position of chairman of the board effective immediately. Garrison succeeds David Sachs who has been non-executive chairman since January 2016 and was previously lead director since May 2013. With the appointment of Garrison as chairman, Sachs will again assume the role of lead director.
“I would like to congratulate John on his election to serve in the additional capacity of chairman of the board,” said Sachs. “Under his leadership, management has taken significant steps to better position Terex for the future while executing the company’s Focus, Simplify and Execute to Win strategy and I am convinced that the best is yet to come for John and the Terex team. John’s strong track record as CEO of Terex, coupled with his experience sitting on the Terex board, leaves me confident that the role of chairman will be in good hands.”
“I appreciate the board’s support and confidence and I look forward to leading Terex on our mission to provide solutions to our machinery and industrial product customers that yield superior productivity and return on investment,” said Garrison.
Garrison was named Terex’s new CEO in October 2015, replacing retiring Ron DeFeo, who served as Terex CEO and chairman for 23 years. Garrison previously held executive positions at Textron, Azuris Corp. and Case Corp.