BLOOMINGTON, Minn., March 14 /PRNewswire-FirstCall/ -- The board of directors of The Toro Company today elected Michael J. Hoffman chairman of the board. Hoffman, 50, was elected chief executive officer of the company and joined the board on March 15, 2005. He began his career at Toro in 1977 and served in various sales, service, marketing and general management roles for most of the company's businesses in the professional and residential segments.
Hoffman succeeds Kendrick B. Melrose who is retiring today as chairman of the board, a position he has held since 1987. Melrose also served as Toro's president from 1981 to 1983 and its chief executive officer from 1983 until March of 2005. "When the company needed strong leadership most, it was Ken whom the Board tapped in 1981 to bring us from near bankruptcy to the vital and successful organization we are today," said Hoffman. "His wisdom and counsel, particularly over the past year, have been invaluable in ensuring a smooth leadership transition. Ken leaves a lasting legacy with all the employees of The Toro Company."
The board also accepted the planned resignation of Dale Olseth, executive chairman of the board of SurModics, Inc. Olseth joined Toro's board in 1980 and played an active role on every committee during that time, most recently as lead director. While his term was set to expire in 2005, he agreed to remain on the board to provide valuable guidance during the recent leadership change. In addition, the board acknowledged the contributions of Edwin Wingate, who did not stand for re-election. Wingate, who was previously an officer of The Toro Company, joined the board in 1989 while employed as senior vice president of human resources for Dayton-Hudson Corporation (now Target Corporation).
In other actions today, the board declared a regular quarterly cash dividend of 9 cents per share payable April 12, 2006 to stockholders of record on March 24, 2006. As of March 14, 2006, the company has 43,530,124 common shares outstanding.
About The Toro Company
The Toro Company is a leading worldwide provider of outdoor beautification products, support services and integrated solutions. With sales of $1.8 billion in 2005, Toro is committed to providing environmentally responsible products of customer-valued quality and innovation. Since 1914, the company has built a tradition of excellence around a number of strong brands that serve a customer base that includes golf course superintendents, groundskeepers, sports field managers, landscape and irrigation contractors, fruit and vegetable growers, and homeowners. The Toro Company is headquartered at 8111 Lyndale Avenue in Bloomington, Minn. Visit the company website at http://www.thetorocompany.com/ .
