Source: PR Newswire
BLOOMINGTON, Minn. – The Toro Co. announced that its board of directors has elected Michael Hoffman, 49, to the position of chief executive officer effective March 15. Hoffman, a 27-year veteran with the company, was elected president and chief operating officer on Oct. 18, 2004, and has since been responsible for all the company's businesses and operations. Kendrick Melrose will step down as CEO and assume the role of executive chairman for Toro's board of directors, effective March 15.
“Mike has made significant contributions in the areas of business strategy and customer relationships, as well as culture and values over the last 27 years," Melrose says. "The vitality of the organization, our strong management team, and Mike's extensive experience in this industry will ensure that Toro continues its remarkable performance and market leadership well into the future. This is the last step in our well-planned leadership succession strategy and the company is fully prepared for a smooth transition."
"My priority in this new leadership role will be to build on the proven strategies and cultural values that have enabled Toro to achieve such strong results," Hoffman says. "I look forward to continuing Ken's legacy of leadership – one that values and recognizes employees as the company's competitive advantage and greatest asset."