John Garrison Jr., chairman, chief executive officer and a member of the board of directors at Terex Corporation, has announced his retirement, effective January 1, 2024.
Garrison will be succeeded by Simon Meester, current president of Terex Aerial World Platforms, as the company’s president and chief executive officer and as a new member of the company’s board.
To assist the company through the transition, Garrison and Meester will work closely through the remainder of the year. Garrison will serve 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.
In addition, Joshua Gross, current Genie vice president of global strategy and product management, will be promoted to president of Genie.
Garrison said, "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."
Sachs said, "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. 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."
