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Toro Selects New CEO08-02-16 | News

Toro Selects New CEO
Set to Continue Brands' Tradition of Innovations

Later this year, current COO, Richard M. Olson, will replace Michael J. Hoffman as CEO for the worldwide provider of outdoor power equipment, irrigation solutions and lighting.

The Toro Company's board of directors has elected Richard M. Olson to the position of president and CEO, effective November 1, 2016. A 30-year veteran of the company, Olson most recently served as Toro's president and COO, and was elected to the company's board of directors in January of this year. Toro's current chairman and CEO, Michael J. Hoffman, will continue to serve as chairman of the board.

"Serving our employees and customers as Toro's chief executive officer has been the greatest privilege of my career, Hoffman states. "Our employees' and channel partners' passion for the business and relentless commitment to our company and brands have enabled us to accomplish much together. Looking forward, I am pleased and confident in passing the responsibilities of chief executive on to such a strong and tested leader as Rick Olson."

Olson joined Toro in 1986 as a manufacturing process engineer and has since held various positions in operations and engineering. In 2010, he was named general manager of Exmark and in 2012 was appointed vice president of the division. The following year Olson was named vice president, international business before being elected in 2014 as group vice president, international business, micro-irrigation business and distributor development.

Hoffman joined Toro in 1977 and served the company in various service, sales and marketing roles before holding a series of key executive positions across the company's commercial and residential businesses. He was elected president in October 2004, CEO in March 2005 and chairman of the board in March 2006.

"I am honored to have the opportunity to continue the storied legacy of our great company that Mike and leaders before him like Ken Melrose and David Lilly helped build through the decades, making Toro all that it is today," says Olson. "Like my predecessors, I will rely on the dedication and hard work of the entire Toro family. I look forward to working closely with our talented employees and channel partners to keep our company growing by delivering superior innovation and superior customer care."