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.
After the deal closes, expected in the first half of next year, Garrison will head the combined company and Konecranes Chairman Stig Gustavson will be chairman.
“I am proud of the company Terex has become in my 23 years as Terex’s leader,” DeFeo said in a news release. “With my planned retirement, this day was inevitable and I am confident that John will be able to continue to create value for our shareholders and the shareholders of Konecranes Terex.”
Before beginning his career in the heavy equipment industry, DeFeo earned Bachelor of Arts degrees in economics and philosophy at Iona College in New Rochelle, N.Y. Years later, he joined the school’s Board of Trustees.
In 1993, DeFeo was named president and COO of Terex Corp. Two years later, he assumed the role of CEO. In 1998, he was appointed chairman of the board.
In early 2009, DeFeo made headlines when he declined his $1.17-million bonus for the 2008 year. He stated that he wished to “share some of the economic burden” the company was facing as a result of the global recession.
As a strong believer in the need to adequately invest in U.S. infrastructure, DeFeo has undertaken the task of educating the public about this issue.
He has organized several events to bring together leaders in government, business, and various other areas to discuss the subject.
DeFeo has also demonstrated an interest in giving back to his community. In 2009, Terex donated a trailer-mounted generator light tower to the Town of Westport’s emergency services. (See WestportNow April 1, 2009)
He has also been active with Bridgeport Hospital where he is chair of the board of trustees of the Bridgeport Hospital Foundation, Inc.
DeFeo lives with his wife Andrea in Westport, not far from Terex’s headquarters at the Nyala Farms office complex on Greens Farms Road.
