Terex names a new CEO
Terex Corporation has named a new CEO to replace outgoing CEO Ronald DeFeo.
John Garrison, Jr. will become president and CEO of the company, effective Nov. 2, 2015. He will also become a member of the company's board.
“John is a proven leader with considerable experience across a variety of industries. The Board considered a highly qualified pool of outstanding candidates and we strongly believe that John is the right person to lead Terex and Konecranes Terex into the future,” said David Sachs, Terex lead director. “We are grateful for Ron’s many contributions to Terex over the years and his leadership through both good and bad economic cycles in continuing to improve the company into the premier company it is today. We are pleased that Ron will be available through the leadership transition.”
Garrison is joining Terex from Textron, Inc., where he was president and CEO of the Bell Helicopter Segment.
Prior to that, he was president of Textron’s Industrial Segment and E-Z-GO. He was also president and CEO at Azurix Corporation and held senior leadership positions at Case Corporation, and served as an officer in the United States Army.
DeFeo will continue to serve as executive chairman through Dec. 31, 2015. For the year following, he will serve as consultant to Terex.
Mr. DeFeo added, “I am proud of the company Terex has become in my 23 years as Terex’s leader. 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.”
PPG weathers its way through Q3
PPG Industries made it through the third quarter in decent shape, but the impact of foreign exchange rates presented a challenge.
“We have continued to deliver strong year-over-year growth in adjusted earnings per share, with results up 14%,” said Michael H. McGarry, PPG president and CEO. “Our third-quarter performance was achieved despite the impact of unfavorable foreign currency translation, which was more than offset by the continued benefit of our acquisitions, including consistently strong performance of Comex, ongoing and aggressive cost-management actions and continued cash deployment.
The company pulled in net sales of $3.87 billion, down 1.6% from the prior-year figure of $3.94 billion. However, net sales in local currencies were up 6%.
Sales volumes declined by less than 1%, with higher volumes in Europe beating previous-quarter performance. Volumes grew over last year in Asia as well, though the U.S. and Canadian markets sputtered and South American demand weakened.
Third-quarter net income was $433 million, with adjusted net income from continuing operations of $439 million creating a new third-quarter record for the company. This compares to $377 million and $394 million in 2014, respectively.
Jenn-Air sponsors chef gala for Autism Speaks
Jenn-Air acted as exclusive appliance sponsor to a top chef gala hosted by Autism Speaks, held Oct. 8 at the Barker Hangar in Santa Monica.
The event, which brought Jenn-Air ranges to the aid of 100 top chefs cooking four-course meals for attendees, raised more than $1.25 million for the organization.
The evening was also hosted by late night comedian Conan O'Brien and featured a performance by musical guest P!nk. Many other Hollywood guests came out to honor Autism Speaks co-founders Suzanne and Bob Wright and commemorate the organization's 10th anniversary.
Up for auction were nearly 50 Jenn-Air ranges and a suite of kitchen appliances, as well as a dinner for eight prepared in the top bidder's home by Chef Antonia Lofaso.
"Autism touches all of us, whether personally or societally," said Brian Maynard, Jenn-Air marketing director and auctioneer of the evening's culinary prize. "As a brand committed to making chef-worthy appliances and giving back, this was a natural fit for Jenn-Air."