Demag Cranes AG Names New Chief Financial Officer

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 May 16, 2012, until Dec, 31, 2013. In his last position, Lawrence Lockwood had responsibility for finances and IT as vice president finance & information systems for Terex AWP. Before taking up this post, he had held a number of 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. 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.