Terex CFO Kevin Bradley leaves at short notice

  • Signs for push-out forces
  • After almost four years on the job
  • Praise, thanks and good wishes for Bradley
  • John Sheehan taking over

(management-change.com) — Westport, Connecticut, February 13, 2017 — Kevin Bradley, finance chief of Terex, leaves. It is a change at short notice. As announced by Terex Corporation in a news release on Monday, February 13, 2017, Kevin Bradley leaves the post as Chief Financial Officer at the manufacturer of lifting and material handling solutions in a surprising move after almost four years on the job, effective February 27, 2017.

Bradley’s duties are taken over by John D. Sheehan, most recently Chief Financial Officer at Mylan, Inc.

The fact that Bradley’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

“To pursue other opportunities”

The imminent management change is explained as follows. Terex said: “Kevin Bradley will remain in his current role until Mr. Sheehan assumes the duties of Chief Financial Officer. Mr. Bradley will then continue with the Company until mid-March to assist with the transition after which time he will be leaving the Company to pursue other opportunities.”

The phrase “to pursue other opportunities” is often used in corporate announcements and opens the door to speculation.

Precise information about the future plans of Bradley was not immediately available.

Share price rise since January 2016

The change follows a rise in the share price of Terex Corporation since January 2016.

Chaired by David A. Sachs

Terex Corporation is chaired by David A. Sachs.

David A. Sachs is a Partner of Ares Management, LP and co-founder of the firm.

CEO: John L. Garrison, Jr.

John L. Garrison, Jr. serves as CEO of Terex Corporation. Garrison was appointed President and Chief Executive Officer of Terex Corporation on November 2, 2015.

On the job as CFO since 2013

Bradley has been the Chief Financial Officer of Terex Corporation since March 20, 2013 and has been its Senior Vice President since January 14, 2013.

Bradley served as the President of Terex Cranes at Terex Corp. from January 4, 2011 to January 14, 2013.

He joined Terex Corporation as President of Terex Financial Services (TFS) in August 2005.

Bradley has more than 20 years of experience in financial services.

Prior to joining Terex, he was employed by GE Commercial Finance (previously GE Capital) where he worked for almost nine years, culminating in his position as Chief Asset Management Officer for the Vendor Financial Services Business Unit.

Prior to this, Bradley worked at AT&T Capital for nine and a half years in various finance and asset management positions.

He holds a Bachelor of Science degree in accounting from Montclair State University, New Jersey.

Signs for push-out forces

It is not completely certain what forces eventually triggered Kevin Bradley’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 08.2017 ($).