Terex CEO Declines $1.7 Million Bonus

March 9, 2009 – Ron DeFeo, CEO of Westport, Conn.-based Terex Corporation has declined a $1.17 million annual bonus, the company reported in a recent filing with the SEC.

Because of recent job cuts and other cost reductions, the company stated that DeFeo “believed that he should lead by example and share some of the economic burden and voluntarily declined receipt of his bonus.”

 

Four other Terex executives received bonuses ranging from $143,000 to more than $664,000, the company said.

 

Terex recently announced a factory shutdown and layoffs at its Terex Cranes facility in Waverly, Iowa..