The Toro Company and The Hoffman Family Foundation Announce Gift to the University of St. Thomas in Honor of Kendrick B. Melr...
31 Juli 2020 - 4:00PM
Business Wire
The Toro Company (TTC), in partnership with retired TTC chairman
and CEO Mike Hoffman and his wife, Tami, today announced a $3
million gift to the University of St. Thomas in Saint Paul,
Minnesota, in honor of the late Kendrick B. Melrose, who passed
away in May of this year and would have celebrated his 80th
birthday today.
Melrose, who preceded Hoffman as TTC’s chairman and CEO,
successfully led the company for nearly 25 years until retiring in
2006. This gift will establish the Melrose & The Toro Company
Center for Principled Leadership at the Opus College of Business
and includes a $2 million donation by The Toro Foundation, along
with a $1 million donation from the Hoffmans. These commitments
were established in February 2020, and will be funded over a
four-year period.
The new Center is being created to foster professional
engagement on principled leadership, and public dialogue on racial
equality to help further understanding and drive needed change in
our communities. As Stefanie Lenway, Ph.D., Dean of the Opus School
of Business, explained, “This generous gift will honor and
celebrate Ken Melrose as a principled leader who promoted the
values, practice and impact of servant leadership.” This cause was
important to Melrose, who championed the concept through Leading by
Serving, LLC, an organization he founded in 2006.
“Ken Melrose was an extraordinary person and a very important
figure in our company’s history,” said Richard Olson, current
chairman and CEO of The Toro Company. “His principled leadership,
during extremely challenging times, inspired employees to overcome
seemingly insurmountable odds and put The Toro Company back on a
winning path. Today, in the midst of a global pandemic and the need
to advance equality and inclusiveness for all, it is critical that
we come together to build community and inspire change. We are
pleased to partner with the University of St. Thomas, along with
Mike and Tami, to honor Ken’s exceptional legacy in this meaningful
way.”
Mike Hoffman added, “Ken was an authentic servant leader who
didn’t just talk the talk, but personified the concept through his
highly principled approach to business and day-to-day life. He was
highly intelligent and goal-driven, but Ken’s humility, grace and
concern for people placed him in a rarified class.”
The Opus College of Business envisions the Center as a means of
advancing Melrose’s mission and honoring his legacy of servant
leadership. It is envisioned that the Center will gain national
recognition as a research hub and thought leader in servant
leadership and social justice.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of
innovative solutions for the outdoor environment including turf and
landscape maintenance, snow and ice management, underground utility
construction, rental and specialty construction, and irrigation and
outdoor lighting solutions. With sales of $3.1 billion in fiscal
2019, The Toro Company’s global presence extends to more than 125
countries through a family of brands that includes Toro, Ditch
Witch, Exmark, BOSS Snowplow, Ventrac, American Augers, Subsite
Electronics, HammerHead, Trencor, Unique Lighting Systems,
Irritrol, Hayter, Pope, Lawn-Boy and Radius HDD. Through constant
innovation and caring relationships built on trust and integrity,
The Toro Company and its family of brands have built a legacy of
excellence by helping customers care for golf courses, sports
fields, construction sites, public green spaces, commercial and
residential properties and agricultural operations. For more
information, visit www.thetorocompany.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200731005307/en/
Branden Happel The Toro Company branden.happel@toro.com (952)
887-8930
Toro (NYSE:TTC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Toro (NYSE:TTC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024