The Toro Company Announces Michael J. Hoffman's Retirement from the Board and the Election of Richard M. Olson as Chairman
05 September 2017 - 10:45PM
Business Wire
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 CompanyThe 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170905006507/en/
The Toro CompanyInvestor RelationsHeather Hille,
952-887-8923Director, Investor
Relationsheather.hille@toro.comorMedia RelationsBranden
Happel, 952-887-8930Senior Manager, Public
Relationsbranden.happel@toro.com
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