Terex President and Chief Operating Officer Announces Resignation

Terex Corp. today announced several senior executive changes, including the resignation of president and chief operating officer Thomas Riordan, who will leave his post January 31. Richard Nichols, president, Terex Cranes, will leave the company to pursue other opportunities at the beginning of February.

Terex said it does not intend to fill Riordan’s position in the near term and his current responsibilities will be assumed by Ron DeFeo, Terex chairman and CEO, upon Riordan’s departure.

Kevin Bradley was named president, Terex Cranes, reporting to DeFeo, effective immediately. Bradley has served as president, Terex Financial Services since he joined Terex in 2005. Bradley established TFS as a global captive finance company and a facilitator of the future growth of Terex. Prior to joining Terex, Bradley spent nine years each at General Electric Capital Corp. and AT&T Capital Corp., holding positions of increasing responsibility.

Ramon Oliu was appointed president, Terex Financial Services, assuming the role formerly held by Bradley. Oliu joined TFS in 2007 as the business development leader. In 2009, he assumed the added responsibility for TFS operations, risk management, and IT. Prior to joining Terex, he also held significant roles with Virgin Mobile USA and AT&T Capital Corp. In his new role, he will report to Phillip Widman, Terex senior vice president and chief financial officer.

“We thank Tom Riordan and Rick Nichols for their dedicated service and accomplishments at Terex, and wish them the best in their future endeavors,” DeFeo said. “Kevin Bradley is the right person to lead our efforts to improve relationships with large global crane customers and continue the globalization of our crane business, and we are excited about the future prospects for this segment. In his TFS leadership role, Kevin has demonstrated his commercial skills and developed a keen understanding of our customer base.

“Ramon Oliu has the knowledge of the Terex business and the financial services experience to take over where Kevin left off and continue to build and expand TFS capabilities worldwide. We expect TFS to be a significant enabler of the growth of the Terex franchise as our end markets continue to recover.”

Headquartered in Westport, Conn., Terex Corp. is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes and Materials Processing.

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