Filipov will continue with his responsibilities as president of the Terex Material Handling and Port Solutions segment until completion of the announced sale of that segment to Konecranes.

Filipov started his career at Terex in the company’s crane business and served as president of Terex Cranes from 2004 to 2008.

Ken Lousberg, currently president of Terex Cranes, will be leaving the company to pursue other opportunities.

John Garrison, president and chief executive officer at Terex Corporation said: “We thank Ken for his dedicated service and leadership over many years within the AWP segment, Terex China and his current position with Terex Cranes, and wish him the best in his future endeavours.”

Garrison said: “Steve is the right person to lead the turnaround efforts to improve our global cranes business. Steve’s intimate knowledge of the Terex Cranes business, its products and, most importantly, its customers will put him in an excellent position to start immediately with the work of improving and growing our Cranes business.”

Kevin O’Reilly, currently vice president, operational finance, will assume the position of group vice president, finance, for the cranes segment assisting Filipov with the company’s planned turnaround of the segment.

O’Reilly has held a number of senior finance roles at Terex over many years including corporate controller, segment finance leader, business development and strategy, and investor relations.