Changes in the Management Board of Demag Cranes AG

Düsseldorf,   14. May 2013

  • Aloysius Rauen to resign as CEO on 31 May 2013
  • Steve Filipov to become CEO with effect from 1 June 2013

As already announced in January and in mutual agreement with Terex Corporation, Aloysius Rauen will step down as Chief Executive Officer and resign from the Management Board of Demag Cranes AG on 31 May 2013. Dr Michael W. Ernestus, Chairman of the Supervisory Board, states: “We thank Mr Rauen for his outstanding dedication during his time as Chief Executive Officer. He successfully led the company throughout a period of many changes. He played a key role in the integration of Demag Cranes AG into Terex Corporation with the Company and its staff, products and brands now being an important part of Terex. We wish Mr Rauen all the very best for his future.”

Mr Rauen is succeeded as CEO by Steve Filipov, who, since January, has been Chief Operating Officer (COO) on the Management Board of Demag Cranes AG and, at the same time, President of the Material Handling & Port Solutions segment, which also manages Demag Cranes business within Terex Corporation. Steve Filipov has worked for Terex and held various management positions there since 1994. Among other positions, Steve Filipov was also President Terex Cranes from 2004 to 2008 and President Developing Markets from 2008 to January 2013.

Larry Lockwood remains unchanged in his role as Chief Financial Officer on the Management Board of Demag Cranes AG.

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.

About Terex
Terex Corporation is a diversified, globally active manufacturer of machinery and equipment. A core activity of Terex Corporation is the provision of reliable, customer-driven solutions for many applications, including the construction, infrastructure, shipping, transportation, quarrying, mining, 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 Terex equipment through Terex Financial Services. More information can be found at

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Phone: +1 203 222 5943


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