Michael J. Hoffman, 49, was elected president and chief operating officer of The Toro Co. Hoffman is a 27-year veteran with the company. Most recently, he had been group vice president of the consumer, landscape contractor and international businesses, representing more 65 percent of the company's revenue. Kendrick B. Melrose will continue in his role as chief executive officer and chairman.
This appointment is the latest step in a comprehensive succession plan that Toro's board of directors has had in place for a number of years and is designed to culminate in the appointment of a new c.e.o. in 2005. As part of this plan, Melrose is expected to step down as c.e.o. sometime in 2005 and assume the role of executive chairman for Toro's board.
"I am delighted that Mike Hoffman has been named c.o.o.," Melrose said. "He is uniquely qualified and experienced to lead the Toro businesses with his broad knowledge of the company, our markets, and the industry. I have worked with Mike for more than 25 years, and I am confident that he has the vision and leadership to move the company forward, continuing both its strong financial and market performance."
Hoffman joined Toro in 1977 and spent his first 12 years in sales, service, and marketing roles for the commercial and consumer businesses. During the past 10 years at Toro, he has held a number of top executive positions, including managing the commercial and consumer businesses. He also has played an instrumental role in developing the strategic direction of the company's landscape contractor and international businesses. He was appointed group vice president of the company's consumer, landscape contractor and international businesses in 2002. Hoffman holds a bachelor's degree in marketing management from the University of St. Thomas in St. Paul, Minn., and an MBA from the Carlson School of Management at the University of Minnesota.
"It is truly an honor to be named president and c.o.o. of The Toro Co.," said Hoffman. "I look forward to continuing the legacy of market leadership and financial success which has always been driven by a strong management team and a dedicated and loyal group of employees."
The Toro Co. provider of outdoor maintenance and beautification products for home, recreation and commercial landscapes.
