Terex Corporation has reorganised its senior management and appointed Fil Filipov, president of Terex Lifting since 1996, to the new post of executive vice president of Terex Corporation.
Filipov’s new role is to lead the group’s acquisitions, investments and restructurings.
"Fil has the perfect background for this position," said Terex chairman and CEO Ron DeFeo. "Over the past eight years, Fil has been instrumental in both restructuring Terex and building the most diversified lifting business in he world. In 2000, the lifting business had revenues of nearly $1 billion with an operating margin of 10%. When Fil started managing this business, it was one-tenth its current size and losing money." DeFeo added: "In this newly established position, Fil will help us acquire and later run a variety of strategic opportunities that we feel can significantly outperform our weighted average cost of capital. Fil will also lead our business developmental activities in Asia and Eastern Europe. Some of these opportunities may become joint ventures or simply marketing agreements. The common theme will be to build value for our shareholders. I am delighted Fil has accepted this challenge and will continue as a core part of the Terex management team. I have appreciated his help and counsel over the years and look forward to accelerating our ability to grow with some new initiatives." Concurrent with Filipov’s move, Terex is also reorganising its activities into geographic divisions, rather than by product category.
Colin Robertson becomes president of Terex Europe, in charge of all lifting and earthmoving businesses, except the German based O&K mining business.
Ernie Verebelyi becomes group president, Terex Mining and Americas, in charge of Terex Mining globally and all North and South American-based business units. Verebelyi also remains in charge of the Jacques, Franna and Terex Mining businesses in Australia and Asia.
Ending the organisational distinction between earthmoving and lifting equipment is designed to reduce the number of contacts that major customers need to have across the Terex organisation, Filipov said. Not only should it strengthen sales and marketing capabilities, it will also reduce costs.
Each individual operation within Terex, such as PPM Cranes in France and Terex American in the USA, will continue to operate as quasi-independent business units as before.
