BLOOMINGTON, Minn.--(BUSINESS WIRE)--Sep. 5, 2017--
The Toro Company (NYSE: TTC) today announced that Michael J. Hoffman,
chairman of the board, will retire from the company’s board of
directors, effective November 3, 2017. The Company’s president and CEO,
Richard M. Olson, has been elected chairman, effective upon Hoffman’s
retirement. In connection with Hoffman’s retirement, the board size will
be reduced from 11 to 10 directors, effective November 3, 2017.
“My 40-year Toro career has been rewarding beyond imagination, from the
richness of the relationships I share with employees, customers and
other colleagues, to the totality of all the different career
experiences on my Toro journey,” commented Hoffman. “Most recently, it
has been an honor to lead this company following Ken Melrose, my mentor,
who taught me the true meaning of leadership. I want to thank the board,
distributors, customers, and especially our great employees, for their
support and friendship. I am confident that Toro’s future will remain
bright, under the leadership of Rick Olson. His broad-based experience,
intelligence, and passion for our culture, have prepared him well to
serve all of our stakeholders. Rick will help ensure that the Company
holds true to our mission of delivering superior innovation and superior
customer care.”
“I am honored to have been elected chairman and want to thank the board
for its support,” said Olson. “It is a humbling experience following in
the footsteps of a long line of legendary Toro leaders, who helped forge
our strong culture and legacy of excellence. I am deeply grateful to
have had the opportunity to work with and learn from Mike Hoffman, who
truly epitomizes Toro’s best. His tenure as chairman and CEO will be
remembered as one of Toro’s finest eras that saw Mike’s vision, wisdom,
and steady hand help drive our company to consistently surpass
expectations and deliver record results. Mike will be missed by the
countless employees and customers who admire his leadership and consider
him a friend. I am excited about partnering with our board and employees
to continue to create value for all of our stakeholders.”
Hoffman joined The Toro Company in 1977 and spent several years in
service, sales, and marketing roles for the professional and residential
businesses. He went on to serve in a number of top executive positions
throughout the Company. He was elected president in October 2004 and
served as chief executive officer from March 2005 through October 2016.
He was first elected chairman of the board in March 2006.
Olson joined Toro in 1986 and served in various positions of increasing
responsibility in engineering and operations for several years, before
being named general manager of Exmark in 2010. Olson subsequently held a
series of executive leadership roles across businesses. Olson was
elected president and chief operating officer in September 2015 and to
the board of directors in January 2016. In November 2016 he became
president and chief executive officer.
About The Toro Company
The Toro Company (NYSE: TTC) is a
leading worldwide provider of innovative solutions for the outdoor
environment including turf, snow and ground engaging equipment, and
irrigation and outdoor lighting solutions. With sales of $2.4 billion in
fiscal 2016, Toro’s global presence extends to more than 90 countries.
Through constant innovation and caring relationships built on trust and
integrity, Toro and its family of brands have built a legacy of
excellence by helping customers care for golf courses, landscapes,
sports fields, public green spaces, commercial and residential
properties and agricultural fields. More information is available at www.thetorocompany.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170905006507/en/
Source: The Toro Company
The Toro Company
Investor Relations
Heather
Hille, 952-887-8923
Director, Investor Relations
heather.hille@toro.com
or
Media
Relations
Branden Happel, 952-887-8930
Senior Manager,
Public Relations
branden.happel@toro.com
