Terex Corporation has selected John L Garrison Jr, president and CEO of Textron subsidiary Bell Helicopters, to replace him. Mr Garrison, like Mr DeFeo, used to work for Case.
Ron DeFeo, 63, will remain executive chairman of Terex until its merger with Finnish crane maker Konecranes completes. At that time he will retire.
Mr Garrison will become chief executive of Konecranes Terex. Konecranes chairman Stig Gustavson, whose career mirrors that of Ron DeFeo, will be chairman of the new company. Stig Gustavson led the creation of Konecranes as an industrial crane producer through a management buyout from the Kone elevator business in 1994. Both companies have grown through buccaneering corporate acquisitions.
Mr DeFeo said: "I am proud of the company Terex has become in my 23 years as Terex's leader. With my planned retirement, this day was inevitable and I am confident that John will be able to continue to create value for our shareholders and the shareholders of Konecranes Terex."
Terex lead director David Sachs said of the new CEO: "John is a proven leader with considerable experience across a variety of industries. The board considered a highly qualified pool of outstanding candidates and we strongly believe that John is the right person to lead Terex and Konecranes Terex into the future.”
He added: “We are grateful for Ron's many contributions to Terex over the years and his leadership through both good and bad economic cycles in continuing to improve the company into the premier company it is today. We are pleased that Ron will be available through the leadership transition."