Terex Corp's chairman and CEO Ron DeFeo has declined his $1.17m bonus for 2008 in order to "share some of the economic burden" facing the company.

The company said DeFeo took the decision to decline the bonus as Terex has been making "significant headcount reductions and implementing other cost cutting measures."

Executive officers Thomas Riordan, Phillip Widman, Richard Nichols and Steve Filipov have been awarded bonuses ranging from £143,000 to $664,000 by Terex's compensation committee and the board of directors, after satisfying previously disclosed performance criteria.