Garrison will take on the position at Terex on November 2. DeFeo will continue as executive chairman until the end of 2015, and then as a consultant over the following year.
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."
Garrison said, "I am extremely excited to be leading Terex at such an important time in its history. I look forward to building on the strong foundation the team has built and positioning Terex and Konecranes Terex for success in the future."
Garrison is a Westpoint graduate and Harvard MBA. He has served as an officer in the US Army, and held senior roles at Azurix and Case, as well as other divisions of Textron.
Terex lead director David Sachs said, "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.
"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."
