American materials handling equipment maker Terex announced it will have a new chief executive officer next year, with current CEO John L. Garrison Jr set to retire.
Simon Meester, the current president of Terex Aerial Work Platforms, will take over the top job from 1 January, 2024, with Garrison continuing as a consultant until the end of June next year.
Terex also named Joshua Gross as the next president of its Genie division and David Sachs, currently lead independent director of the Terex board, as non-executive chairman of the board.
Garrison says: "Leading Terex has been the highlight of my 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.
“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.”
Meester joined Terex in 2018 as vice president of global sales and marketing administration for Genie. He was appointed president of Genie in August 2021 and has been president of aerial work platforms unit since May 2023.
He has also held senior positions at Eaton Corporation, Caterpillar and Sandvik Mining and Construction.
He holds an MBA from the University of Surrey, England and a Bachelor of Science in automotive engineering, Apeldoom, Netherlands.
Meester says: "It is an honour and privilege to represent our dedicated and hardworking team members.
“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.”
Terex also raised its full-year earnings outlook to USD7.05 a share and said it would provide more details when it releases its third quarter results.