The leadership of Terex Corporation will have a new look to start 2024 after the announcement that John L. Garrison, Jr. will retire as Chairman and Chief Executive Officer, and a member of the Board of Directors, effective January 1, 2024.
Garrison has served as President and CEO of Terex Corporation since November 2015 and was elected Chairman of the Board in August 2018. He will be succeeded by Simon Meester, current President, Terex Aerial Work Platforms, as the President and CEO of Terex Corporation. Meester will also join the Board.
The two will work together through the remainder of 2023 to ensure a seamless and orderly transition of responsibilities.
"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," Garrison said. "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."
Joshua Gross, current Vice President of Global Strategy and Product Management with Genie, will be promoted to that company's President. David Sachs, currently lead independent director of the Terex Board, will become Non-Executive Chairman of the Board effective January 1, 2024.
"On behalf of the entire Board, 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," said Sachs. "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. The Board is confident that Simon is the right choice to lead Terex in its next phase of growth and value creation for our shareholders."
Prior to his appointment of President at Genie in 2021, Meester, who has been President, Aerial Work Platforms since May 2023, was COO of Genie. He joined Terex in 2018 as Vice President, Global Sales and Marketing Administration with Genie. He has managed global teams and operations for more than 20 years.
Gross joined Genie in 2019 and has led a number of areas over time. He worked closely with Meester in developing Genie's updated brand promise, "Quality by Design."
Terex Corporation also noted an update to its full year 2023 earnings per share, which the company expects to be $7.05. A detailed outlook will be made available when Terex releases its third-quarter results on October 26, 2023.
