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Wednesday, January 5, 2011

Terex's No. 2 executive steps down, (NYSE: TEX)

The No. 2 executive at Terex Corp (TEX.N) plans to step down at the end of the month, and the head of its crane unit plans to leave in February, the U.S. heavy equipment maker said on Wednesday. Terex said it did not intend to fill the No. 2 post in the near term. The duties currently performed by President and Chief Operating Officer Thomas Riordan, who is resigning to become president and chief executive of foundry company Neenah Enterprises Inc, will be taken on by Chairman and CEO Ronald DeFeo. One analyst said the company's plan not to fill Riordan's post could signal it is pulling back from its strategy of growth through acquisition.