Terex Corporation (NYSE: TEX) today announced that Phil Widman will be retiring as Senior Vice President and Chief Financial Officer. Mr. Widman will continue as Chief Financial Officer of the Company into the first half of 2013 to oversee the year-end accounting close and annual audit process, the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and to facilitate an orderly transition of his responsibilities. The Company has initiated a search to identify a Chief Financial Officer and expects to conclude the search process expeditiously.

“During his ten years as Chief Financial Officer of Terex, Phil has been a key contributor to the Company’s growth and success,” said Ron DeFeo, Terex Chairman and Chief Executive Officer. “Phil’s personal commitment to the highest standards of financial integrity has helped define Terex’s finance organization and our Company as a whole. We thank Phil for his many contributions to Terex over the past ten years, look forward to Phil’s ongoing efforts throughout this transition and wish him the best of luck in his retirement.”

Mr. Widman remarked, “I’ve had a rewarding ten years at Terex and it wouldn’t have been so without the support and talent of all of the people with whom I have worked. I look forward to an active retirement and continuing to stay involved in the business community as an external director at other companies.”