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Posted 17 October, 2023

TEREX CORP appointed Simon Meester as new CEO

NYSE:TEX appointed new Chief Executive Officer Simon Meester in a 8-K filed on 17 October, 2023.


  The Board has appointed Simon Meester, the current President Aerial Work Platforms, to succeed Mr. Garrison as President and CEO, effective January 1, 2024.  

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Overview of TEREX CORP
Industrial Goods • Mobile Machinery
Terex Corp. is a global industrial equipment manufacturer, specializing in materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. It operates through the following segments Material Processing (MP) and Aerial Work Platforms (AWP) segments. The MP segment designs, manufactures, services, and markets materials processing and equipment, including crushers, washing systems, screens, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. The AWP segment manufactures, services, and markets aerial work platform equipment, utility equipment, and telehandlers. The company was founded by George Arthur Armington in 1933 and is headquartered in Norwalk, CT.
Market Cap
$2.59B
View Company Details
TEREX CORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On October 12, 2023, John L. Garrison Jr. notified the Board of Directors (the "Board") of Terex Corporation ("Terex" or the "Company") of his intention to retire as Chairman, CEO and as a member of the Board, effective January 1, 2024. Mr. Garrison will continue as a consultant for Terex from January 1, 2024 through June 30, 2024.


The Board has appointed Simon Meester, the current President Aerial Work Platforms, to succeed Mr. Garrison as President and CEO, effective January 1, 2024. Mr. Meester has also been appointed a member of the Board effective January 1, 2024. Mr. Meester will not be a member of any committees of the Board.


Simon Meester, age 54, has been President Aerial Work Platforms since May 2023. He was appointed President, Genie, on August 1, 2021. Previously, Mr. 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 Corporation. Earlier, he spent 14 years in progressively senior roles at Caterpillar, Inc., 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. 


In connection with his promotion to CEO, the Compensation Committee approved Mr. Meester receiving an annual base salary of $925,000 and a target annual incentive compensation opportunity of 110% of his annual base salary, effective January 1, 2024. In addition, Mr. Meester will be eligible for a 2024 long-term incentive award in the amount of $4,700,000, which will be both time-based and performance-based. The timing and form of this award will be consistent with the timing and form of similar 2024 long-term incentive awards granted to the other Terex executives.


Mr. Meester will enter into a Change in Control and Severance Agreement which will provide for two years of salary, bonus and benefits upon the occurrence of certain events.


There are no arrangements or understandings between Mr. Meester and any other person pursuant to which he was elected as a director. There are not transactions or proposed transactions between Mr. Meester and the Company that would be required to be reported under Item 404(a) of Regulation S-K.


The foregoing description of Mr. Meester's appointment is qualified in its entirety by reference to the full and complete text of Mr. Meester's Employment Letter, which is attached hereto and incorporated by reference herein as Exhibit 10.1 to this Item 5.02.


A copy of the Company's press release, dated October 17, 2023, announcing the retirement of Mr. Garrison and appointment of Mr. Meester as President, Chief Executive Officer and a member of the Board is attached hereto as Exhibit 99.1 and is hereby incorporated by reference into this Item 5.02.


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