Terex (NYSE: TEX) stock tumbled 10.3% through 9:50 a.m. ET on Wednesday morning after the manufacturer of aerial work platforms and telehandlers announced that its CEO, John Garrison, will retire from the company on Jan. 1, 2024.

Adding to investor worries, Terex issued new guidance that, while better than the previous guidance, was still not as great as what Wall Street was predicting.

Let's start with the CEO news. Garrison is out, and Simon Meester, currently Terex's president of aerial work platforms, is in as the new CEO effective New Year's Day 2024.  

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Source Fool.com