On August 10, 2015, Konecranes entered into an agreement with Terex Corporation ("Terex") to combine businesses in a merger of equals. The combined company will be called Konecranes Terex Plc. Under the agreement, Konecranes’ current Chairman of the Board will become Konecranes Terex’ Chairman and the Terex CEO will become Konecranes Terex’ CEO upon and subject to the completion of the merger.  Terex has on October 15, 2015, announced that MBA John L. Garrison, Jr. has been appointed President and CEO of Terex as of November 2, 2015. Mr. Garrison will transfer from Textron, Inc. (NYSE: TXT), where he served as President and CEO of their Bell Helicopter Segment. Terex’ press release is included in the appendix. Since the regulatory approvals are still pending, the Board of Directors of Konecranes has only acknowledged the appointment.