16.11.2006

New president for Terex

The Terex Group has appointed Thomas J. Riordan (50) to the newly created post of president and chief operating officer effective January 1, 2007.

Riordan will be based at Terex corporate headquarters in Westport, Connecticut and will report directly to Ron DeFeo, who will continue as chairman and chief executive officer.

Riordan joins Terex from SPX, a diversified industrial company, where he was executive vice president and chief operating officer. This position is being eliminated following his departure in January.
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Tom Riordan

After starting out in the manufacturing division of Borg Warner Automotive, Riordan joined J I. Case, as Manager of its Racine, Wisconsin, transmission plant and was appointed vice president, European manufacturing in 1990. He then moved to Ivex Corporation as vice president of manufacturing from 1991 to 1994.

Next stop was Consolidated Sawmill Machinery (CSMI) where he was president from 1994 until 1996, when it was acquired by USNR. Riordan joined SPX in February 1996 as president of the OE Tool and Equipment Group and moved though the group’s four divisions to his current post.

Ron Defeo said: "I am pleased to welcome Tom to this critical leadership role, where he will be my partner in the future success of Terex,"

"Tom's demonstrated leadership ability and experience will help Terex move to its next level of growth and success. I have known Tom for nearly 20 years and followed his career with admiration. He has a strong achievement driven personality, coupled with an excellent management style that people respond to positively."


Riordan will receive a base salary of $750,000 and will be eligible to participate in the Company's incentive bonus plan with a bonus target set at 100 percent of his salary, based on the performance of Terex and his individual performance.

He will also be eligible for a grant of 60,000 shares of Terex common stock once he starts in January half being time based at a rate of 7,500 shares a year for four years and half of the grant being performance based.