14. January 2013
The Supervisory Board of Demag Cranes AG today nominated Steve Filipov to its Management Board, in the position of Chief Operating Officer (COO). He will also become President of the Terex Material Handling & Port Solutions business segment of Terex Corporation, majority owner of Demag Cranes AG.
Mr. Filipov joined Terex in 1995, initially serving in commercial and general management positions. He was named President, Terex Cranes in 2004, and President, Terex Developing Markets and Strategic Accounts in 2008. In the latter capacity, he has led the company’s global efforts to increase sales, distribution, and local manufacturing efforts in developing markets. Other areas of Mr. Filipov’s responsibility have included sales, marketing and production.
Aloysius Rauen will resign as Chief Executive Officer of Demag Cranes AG 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, Mr. Filipov will assume the title of CEO, Demag Cranes AG.
Regarding the transition, Ron De Feo, Chairman and CEO of Terex Corporation, states: “The work and commitment of Aloysius Rauen has been outstanding, and a decisive success factor in the smooth integration of Demag Cranes into Terex. I thank Ays for his dedication to the company and its employees.”
“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.”
About Terex Material Handling & Port Solutions
Through its Material Handling & Port Solutions business segment, Terex Corporation is one of the world’s leading suppliers of industrial cranes, crane components and services under the Demag brand, as well as port technology with a broad range of manual, semi-automated and automated solutions under the Terex® and Terex® Gottwald brands. Terex Material Handling & Port Solutions manufactures in 16 countries on five continents and operates a sales and service network in more than 60 countries.
Terex Corporation is a diversified global manufacturer of a broad range of equipment that is focused on delivering reliable, customer-driven solutions for many applications, including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy, utility and manufacturing industries. Terex reports in five business segments: Aerial Work Platforms; Construction; Cranes; Material Handling & Port Solutions; and Materials Processing. Terex offers financial products and services to assist in the acquisition of equipment through Terex Financial Services. More information can be found at