The board of directors of The Toro Company (NYSE:TTC) has 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 has retired 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.”
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.
With sales of $1.8 billion in 2005, The Toro 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 www.thetorocompany.com
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