BLOOMINGTON, Minn.--(BUSINESS WIRE)--Jul. 19, 2016--
The Toro Company (NYSE: TTC) announced today that its board of directors
has elected Richard M. Olson to the position of president and chief
executive officer, effective November 1, 2016. Olson, a 30-year veteran
of the company, has served as Toro’s president and chief operating
officer since September 2015 and was elected to the company’s board of
directors in January of this year. Toro’s current chairman and chief
executive officer, Michael J. Hoffman, will continue to serve as
chairman of the board.
Olson joined Toro in 1986 as a manufacturing process engineer. He has
held various positions in operations and engineering including manager
of advanced manufacturing, commercial engineering program manager,
director of Shakopee plant operations, and managing director of northern
manufacturing operations. In 2010, he was named general manager of
Exmark and was appointed vice president, Exmark in 2012. The following
year Olson was named vice president, international business before being
elected group vice president, international business, micro-irrigation
business and distributor development in June 2014.
Reflecting on the coming changes, Hoffman stated, “Serving our employees
and customers as Toro’s chief executive officer has been the greatest
privilege of my career. Our employees’ and channel partners’ passion for
the business and relentless commitment to our company and brands have
enabled us to accomplish much together. Looking forward, I am pleased
and confident in passing the responsibilities of chief executive on to
such a strong and tested leader as Rick Olson. His extensive experience,
intelligence and commitment to our company’s core values make him an
ideal candidate for his new role.”
Hoffman joined Toro in 1977 and served the company in various service,
sales and marketing roles before holding a series of key executive
positions across the company’s commercial and residential businesses. He
was elected president in October 2004, chief executive officer in March
2005 and chairman of the board in March 2006. Hoffman has served on the
board of directors of Donaldson Company, Inc. since 2005. Mike also
currently serves on the board of overseers of the Carlson School of
Management at the University of Minnesota.
“I am honored to have the opportunity to continue the storied legacy of
our great company that Mike and leaders before him like Ken Melrose and
David Lilly helped build through the decades, making Toro all that it is
today,” said Olson. “Like my predecessors, I will rely on the dedication
and hard work of the entire Toro family. I look forward to working
closely with our talented employees and channel partners to keep our
company growing by delivering superior innovation and superior customer
care.”
Olson holds a Bachelor of Science degree in industrial technology from
Iowa State University and an MBA from the University of Minnesota’s
Carlson School of Management. He serves on the boards of The Toro
Foundation and the Outdoor Power Equipment Institute.
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 2015, 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. For more information, visit www.thetorocompany.com.
Forward-Looking Statements
This news release contains
forward-looking statements, which are being made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management’s current
assumptions and expectations of future events, and can be identified by
words such as “looking forward,” “continue,” “will,” or similar
expressions. Forward-looking statements involve risks and uncertainties
that could cause actual events and results to differ materially from
those projected or implied and include: the level of growth or
contraction in our key markets; dependence on The Home Depot as a
customer; elimination of shelf space for our products at dealers or
retailers; our ability to develop and achieve market acceptance for new
products; increased competition; the risks attendant to international
operations and markets; our relationships with our distribution channel
partners, including the financial viability of our distributors and
dealers; risks associated with acquisitions; unforeseen product quality
problems; loss of or changes in executive management or key employees;
the occurrence of litigation or claims; and other risks and
uncertainties described in our most recent annual report on Form 10-K,
subsequent quarterly reports on Form 10-Q, and other filings with the
Securities and Exchange Commission. We make no commitment to revise or
update any forward-looking statements in order to reflect events or
circumstances occurring or existing after the date any forward-looking
statement is made.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160719006557/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