After 23 years, Westporter Ronald DeFeo announced today he is retiring as president and CEO of Westport-based Terex Corp.
Ronald DeFeo: will be CEO of combined company. File photo

The crane-maker named Textron Inc. executive John L. Garrison Jr. as its new CEO. DeFeo will continue to serve as Terex’s executive chairman through Dec. 31 and will continue as a company consultant during 2016.

The appointment of Garrison, who is CEO of Textron’s Bell Helicopter business, comes two months after announcement of Terex’s pending merger with industrial-crane maker Konecranes PLC. (See WestportNow Aug. 11, 2015)

The deal will leave Terex shareholders with 60 percent of the stock in the new company, which will be known as Konecranes Terex PLC. The combined company will be incorporated in Finland, where Konecranes is based, but will maintain offices in Westport.

Robert C. Hauck, manager of the Webster Bank branch at 244 Post Road East in Colonial Green, today welcomes Brendan Sherriff of Westport and his daughter Tierney, 1-1/2, during a celebration of the bank’s 80th anniversary. The Waterbury-based bank, founded in 1935 by Harold Smith during the depth of the depression, has occupied the Westport location for 18 years, according to longtime Webster Bank employee, Edith Marfia, who has worked at the bank since it opened at the site. Reminiscing about the current site, she said the space was previously occupied by Village Bank, Fleet and Westport National Bank.  She said part of the bank’s space was occupied by the Ed Mitchell clothing store before Webster expanded. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Westport Urgent Care, 1045 Post Road East, today celebrated a change in management, expanded ownership, and re-launch of its healthcare facility with a ribbon-cutting ceremony.  Co-owners, Anthony Ruvo and Edward Orlando, both doctors, own 20 other Urgent Care facilities in the tri-state area and plan to open four more in the near future, including Stamford and Fairfield. The facility first opened in September 2012. Pictured (l-r) are Matthew Mandell, executive director, Westport-Weston Chamber of Commerce, Urgent Care co-owner Edward Orlando, First Selectman Jim Marpe, staff physicians Brian Baxt and Debbie Mogelof, Shari Grasso, Urgent Care practice development manager, and co-owner Anthony Ruvo. The facility will be open Monday through Friday 8 a.m. to 8 p.m. and Saturday and Sunday from 9 a.m. to 4 p. m. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Connecticut, the state with the richest population, may not have enough money in its own pockets, says a story in Monday’s Wall Street Journal.

“Connecticut has roughly half of what it needs to pay future retirement benefits for its workers, meaning the home to scores of hedge funds and some of the country’s wealthiest towns is wrestling with financial distress rivaling that of Kentucky or Illinois,” the newspaper said.

“Some investors concerned about the size of Connecticut’s pension hole are backing away from bonds issued by the Constitution State or demanding bigger rewards to hold them.

“Investors in some Connecticut state bonds now get a premium of about half a percentage point above benchmark bonds from other states, up from 0.28 percentage point a year ago, according to Thomson Reuters Municipal Market Data. Only four other U.S. states are now priced as riskier bets.”