SPX Corp. said Monday that Chief Operating Officer Tom Riordan will resign, effective January 2, 2007, to join Terex Corp. as its president and COO.
As a result, SPX said it will simplify its organizational structure and eliminate the chief operating officer position.
"Over the last few years we have made significant progress in reshaping the company around our three core platforms and driving operational excellence throughout the organization," said SPX President and CEO Chris Kearney. "Tom played an important role in the effective implementation of this strategy, and we wish him the best as he takes on his new responsibilities at Terex."
To continue the centralized focus on the company's key operating initiatives, Jim Peters will be promoted to vice president operations and, subject to board approval, appointed as a corporate officer. Peters will report to Kearney and be responsible for continuing to drive the company's operational excellence initiatives inclusive of lean manufacturing and supply chain management.
"We believe Jim is the best choice to continue the success and momentum we've achieved in the area of operational excellence," said Kearney. "His strong background in lean manufacturing has contributed significantly to the success of the businesses which he has headed as a part of our senior industrial management team."
SPX Corporation is a global provider of flow technology, test and measurement solutions, thermal equipment and services and industrial products and services.