The company stated that Aloysius Rauen will resign as CEO of Demag Cranes in the course of this year, once the integration of Demag Cranes into Terex is largely implemented and a smooth transition is ensured. At this time, Filipov, who joined Terex in 1995, will assume the title of CEO, Demag Cranes.

"The work and commitment of Aloysius Rauen has been outstanding, and a decisive success factor in the smooth integration of Demag Cranes into Terex," said Ron De Feo, chairman and CEO of Terex Corporation. "I thank Ays for his dedication to the company and its employees."

Feo added: "Steve Filipov has proven his leadership skills in his many years with Terex, and I am confident that he will effectively execute the plans that are already underway in our Material Handling & Port Solutions segment and continue to grow these businesses around the world."