Terex Corp. announced John L. Garrison Jr. is retiring as chairman and CEO and a member of the board of directors, effective January 1, 2024. Garrison will be succeeded by Simon Meester, current president of Terex Aerial Work Platforms, as the company's president and CEO. Meester will also join the company's board. Garrison will work closely throughout the remainder of 2023 with Meester to ensure an orderly transition of responsibilities.
Joshua Gross, current Genie vice president of global strategy and product management, will be promoted to president of Genie. Garrison will continue as a consultant for Terex after January 1 through June 30. David Sachs, currently lead independent director of the Terex board will become non-executive chairman of the board, effective January 1.
Garrison said leading Terex has been the highlight of his career. “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,” he 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."
“Under [Garrison’s] leadership, Terex has experienced remarkable success and remains well positioned for continued growth,” said Sachs. “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."
“We are in a great position for the future given our strong foundation, and I look forward to continuing to work closely with John to ensure a seamless transition,” said Meester. “In the months ahead, I also will continue to work closely with Josh Gross to ensure a smooth transition at Genie. Josh has been a critical member of the Genie leadership team and is the right person to successfully drive Genie's strategic initiatives going forward."
Gross said, "I look forward to working alongside Simon and our leadership team as we continue to provide our customers with industry leading products and services. This is an exciting time for our business and an incredible opportunity to build the future together with our customers."
Terex raises full year 2023 outlook
Terex, which will be announcing its third quarter results on Oct. 26, expects its full year 2023 earnings per share results to be approximately $7.05. The company will provide a detailed full year 2023 outlook on October 26.
Simon Meester has been president, Aerial Work Platforms since May 2023. He was appointed president of Genie, on Aug. 1, 2021. Previously, Meester had been serving as chief operating officer of Genie since June 2020. He joined Terex in 2018 as vice president, global sales and marketing administration for Genie. Prior to joining Terex, he was vice president and general manager of the Industrial Control Division at Eaton Corp. Earlier, he spent 14 years in progressively senior roles at Caterpillar before becoming president, Sandvik Mining and Construction in India. He has managed global teams and operations for more than 20 years, based in seven countries, including 11 years in the United States. He holds an MBA from the University of Surrey, England, and a Bachelor of Science in automotive engineering, Apeldoom, Netherlands.
Gross has been Genie's vice president global strategy and product management since July 2022, and prior to that was vice president global commercial operations since August 2020. Gross joined Genie in 2019 and has led areas including strategy, product management, Genie Operating System, marketing, pricing and sales, inventory and operations planning. Before joining Genie, Gross spent almost 11 years with Eaton, where he served in a variety of roles in increasing levels of responsibility. He holds BS degrees in Aerospace Engineering and Mechanical Engineering from West Virginia University, and an MBA from Marquette University.
