Terex COO and Cranes president resign

Terex president and chief operating officer (COO) Tom Riordan has resigned, effective January 31. Richard Nichols, president of Terex Cranes will also be leaving the company in early February to pursue other opportunities.

The company said it did not plan to fill Mr Riordan's position in the near future. His current responsibilities will be assumed by chairman & CEO, Ronald DeFeo.

Former president of Terex Financial Services (TFS), Kevin Bradley will take over from Mr Nichols as president of Terex Cranes, effective immediately. He has been president of TFS since he joined Terex in 2005, having previously spent nine years each at General Electric Capital Corporation and AT&T Capital Corporation.

Mr Bradley will be replaced as president of TFS by Ramon Oliu, who joined the division in 2007 as business development leader and is currently responsible for TFS operations, risk management, and IT. Prior to joining Terex, he worked with Virgin Mobile USA and AT&T Capital Corporation.

"We thank Tom Riordan and Rick Nichols for their dedicated service and accomplishments at Terex, and wish them the best in their future endeavours," said Mr DeFeo.

He continued, "Kevin Bradley is the right person to lead our efforts to improve relationships with large global crane customers and continue the globalisation of our crane business, and we are excited about the future prospects for this segment. In his TFS leadership role, Kevin has demonstrated his commercial skills and developed a keen understanding of our customer base.

"Ramon Oliu has the knowledge of the Terex business and the financial services experience to take over where Kevin left off and continue to build and expand TFS capabilities worldwide. We expect TFS to be a significant enabler of the growth of the Terex franchise as our end markets continue to recover."