- After about eight years in the position
- Praise and thanks for Garrison
- Simon Meester taking over
- Garrison said 125 words
(exechange) — Norwalk, Connecticut, October 17, 2023 — John Garrison, chief executive of Terex, leaves his position. As announced by Terex Corp. in a news release and in a regulatory filing published on Tuesday, October 17, 2023, John L. Garrison leaves his post as chief executive officer at the manufacturer of materials processing machinery, after about eight years in the role, effective January 1, 2024.
John Garrison’s duties as CEO will be taken over by Simon Meester, currently President Aerial Work Platforms at Terex Corp.
“Succession planning”
The management change is explained as follows. David Sachs, currently lead independent director of the Terex Board, stated: “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.”
Precise information regarding John Garrison’s future plans was not immediately available.
“Retiring”
Terex said: “John L. Garrison, Jr. is retiring as Chairman and Chief Executive Officer and a member of the Board of Directors, effective January 1, 2024.”
Terex further said: “On October 12, 2023, John L. Garrison Jr. notified the Board of Directors (the “Board”) of Terex Corporation (“Terex” or the “Company”) of his intention to retire as Chairman, CEO and as a member of the Board, effective January 1, 2024.”
Share price increase since October 2018
The announcement follows an increase in Terex Corp.’s share price of 35% since October 2018.
In the position of CEO since 2015
John Garrison became CEO of the Company in 2015.
Garrison will work closely throughout the remainder of 2023 with Meester to ensure a seamless and orderly transition of responsibilities.
Garrison will continue as a consultant for Terex after January 1, 2024 through June 30, 2024.
John L. Garrison, Jr. was appointed President and Chief Executive Officer of Terex Corporation on November 2, 2015.
Garrison was nominated to serve as Chairman of the Board effective August 15, 2018.
Garrison also took on the additional responsibilities of President, Terex Aerial Work Platforms (AWP), from June 2020 through July 2021.
Previously, Garrison was President and Chief Executive Officer of Bell Helicopter, a segment of Textron, Inc., from 2009 to 2015.
Prior to that, Garrison served as President of Textron’s industrial segment, which comprises four businesses: E-Z-GO golf cars, Greenlee, Jacobsen and Kautex. Prior to that he was President of E-Z-GO.
Garrison joined Textron in 2002 from Azurix Corporation, a global water company, where he was President, Chairman and CEO.
He was previously Vice President and General Manager of Case Corporation’s North American Agricultural Group, and Vice President and General Manager of the Case Agricultural Systems Group. Garrison also serves as a director of Flowserve Corporation.
125 words by John Garrison
In the release announcing his departure as CEO of Terex Corp., John Garrison received praise and thanks.
In announcing his departure, John Garrison said 125 words.
“Now is the right time”
John Garrison stated: “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.”
Push-out Score for John Garrison’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that John Garrison was pushed out or felt pressure to leave his position.
exechange reached out to Terex and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2023 ($).