Demag Cranes AG’s Management board has appointed Lawrence Lockwood of Terex as CFO and member of the management board.

Crane manufacturer Demag Cranes AG in Germany currently controlled by Terex in the US.

Lockwood was previously vice president finance and information systems for the aerial work platforms division of the Terex Group, with responsibility for finances and IT.

Beforehand he held executive positions in finances with companies including Bureau Veritas, ArvinMeritor and Rockwell International.

The company said Lockwood will replace outgoing CFO Axel Arendt, who had taken on the position on a interim basis on December 2011 after the departure of Rainer Beaujean.

It decided Arendt will return to the Supervisory Board of Demag Cranes AG.

Further changes to the supervisory board will mean the departure of interim member Fred Schumacher, who was appointed by the District Court in Düsseldorf after Axel Arendt was seconded to the management board.

Dr Michael W. Ernestus, chairman of the Supervisory Board, said, “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 mnagement board of Demag Cranes.”

The changes will come into effect from 16 May 2012 until 31 December 2013, the company said.

Demag appoints new CFO