Lawrence Lockwood takes over as Chief Financial Officer (CFO) of Demag Cranes AG
Düsseldorf, 14. May 2012
The Supervisory Board of Demag Cranes AG appointed Lawrence Lockwood as Member of the Management Board and Chief Financial Officer (CFO) of Demag Cranes with effect from 16 May 2012 until 31 December 2013. In his last position, Lawrence Lockwood had responsibility for finances and IT as Vice President Finance & Information Systems for the Aerial Work Platforms division of the Terex Group. Before taking up this post, he had held a number of high-profile executive positions in finances with companies including Bureau Veritas, ArvinMeritor, Inc. and Rockwell International.
In taking on these tasks, Lawrence Lockwood is replacing Axel Arendt, who had taken on the position on an interim basis from December 2011 after Rainer Beaujean left the Group. Mr Arendt will now be returning to the Supervisory Board of Demag Cranes AG. At the same time, Fred Schumacher, who was appointed by the District Court in Düsseldorf as an interim member of the Supervisory Board of Demag Cranes AG after Axel Arendt was seconded to the Management Board, will now be leaving the Supervisory Board of Demag Cranes AG again.
Dr Michael W. Ernestus, Chairman of the Supervisory Board of Demag Cranes AG, emphasised “I am very pleased we were able to arrange for Lawrence Lockwood, an acknowledged, experienced financial expert, to take on this post of CFO. At the same time, I would like to thank Axel Arendt on behalf of the entire Supervisory Board for his dedicated work as interim Member of the Management Board of Demag Cranes AG. We look forward to working with him again on the Supervisory Board. We would also like to thank Fred Schumacher very much for his valuable contribution during his time as interim member of the Supervisory Board.”
About Demag Cranes
The Demag Cranes is one of the world's leading suppliers of industrial cranes and crane components, harbour cranes and terminal automation technology. Services, in particular maintenance and refurbishment, are another key element of the Group’s business activities. The Group is divided into the business segments Industrial Cranes, Port Technology and Services and has strong and well-established Demag and Gottwald brands. Demag Cranes sees its core competence in the development and construction of technically sophisticated cranes and hoists as well as automated transport and logistics systems in ports and terminals, the provision of services for these products and the manufacture of high-quality components.
As a global supplier, Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries such as Demag Cranes & Components GmbH and Gottwald Port Technology GmbH, agencies and a joint venture. In financial year 2010/2011, the Group, with its 6,115 employees, generated revenue of EUR 1,062.3 million. Since August 2011, the Terex Group in the United States (www.terex.com) has held a majority share in the company.
Demag Cranes AG. We Can Handle It.