The Toro Company has announced that its board of directors has elected Richard M. Olson to the position of president and chief executive officer, effective November 1, 2016.
Olson, a 30-year veteran of the company, has served as Toro’s president and chief operating officer since September 2015 and was elected to the company’s board of directors in January of this year.
Toro’s current chairman and chief executive officer, Michael J. Hoffman, will continue to serve as chairman of the board.
Olson joined Toro in 1986 as a manufacturing process engineer. He has held various positions in operations and engineering including manager of advanced manufacturing, commercial engineering program manager, director of Shakopee plant operations, and managing director of northern manufacturing operations. In 2010, he was named general manager of Exmark and was appointed vice president, Exmark in 2012. The following year Olson was named vice president, international business before being elected group vice president, international business, micro-irrigation business and distributor development in June 2014.
Reflecting on the coming changes, Hoffman stated, “Serving our employees and customers as Toro’s chief executive officer has been the greatest privilege of my career. 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. His extensive experience, intelligence and commitment to our company’s core values make him an ideal candidate for his new role.”
Richard M. Olson said, “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.
"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."
