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BLOOMINGTON, Minn. – The Toro Co. today announced the election of Michael Hoffman, 49, to the position of president and chief operating officer. Hoffman is a 27-year veteran with the company and most recently had been group vice president of the consumer, landscape contractor and international businesses representing over 65 percent of the company’s revenue. Kendrick 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 CEO in 2005. As part of this plan, Melrose is expected to step down as CEO sometime in 2005 and assume the role of executive chairman for Toro’s board of directors.
“I am delighted that Mike Hoffman has been named COO,” Melrose says. “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 over 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 has also 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. He 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 COO of The Toro Co.,” Hoffman says. “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.”