Thomas Riordan’s resignation will take effect from the end of January, with existing Terex chairman and CEO Ronald DeFeo amalgamating Riordan’s role with his own.

Riordan will join municipal castings firm Neenah Enterprises as chief executive officer. Terex currently has no plans to appoint a new chief operating officer.

Terex Cranes president Rick Nichols will also leave the company in early February and has been replaced by the current president of Terex Financial Services Kevin Bradley.

In turn Terex Financial Services business development leader, Ramon Oliu, will take over as the new president of Terex Financial Services.

Commenting on the management restructuring, DeFeo says: “Kevin Bradley is the right person to lead our efforts to improve relationships with large global crane customers and continue the globalization 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.”

DeFeo added, “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.”

“We thank Tom Riordan and Rick Nichols for their dedicated service and accomplishments at Terex, and wish them the best in their future endeavors.”

In addition, a new position, senior vice president of Terex Business System, is being created to oversee the company’s adoption of a customer-centric business approach, and harmonise this approach throughout the Terex Corporation.

The recruitment process for the newly created position is ongoing, and will be from an internal pool of Terex executives.

Commenting on the Terex Business System, DeFeo explains: “It will become the enterprise-wide playbook to deliver our customer, team member and financial goals. We expect that TBS will provide us with significant competitive advantage through the use of customer-centric tools that continually enhance customer responsiveness and eliminate waste.”