TSX Stock Symbol: TIH
TORONTO, June 2, 2022 /CNW/ - Toromont Industries Ltd.
announces that Scott Medhurst,
President and Chief Executive Officer, has advised the Board of
Directors that he intends to retire within the next 12 to 18 months
after a successful 34 year career with Toromont, the last 10 years
as President and CEO. In addition to providing a lengthy notice
period, Scott has agreed to assist in the transition and act as an
advisor to the new President and CEO.
The Board of Directors of Toromont wants to thank Scott for his
dedicated service and contribution over the past 34 years. Under
his leadership, Toromont has assembled a strong team of executives
who have led the Corporation to remarkable growth and profitability
through strong customer and stakeholder focus. In 2017, under
Scott's leadership, the Toromont team completed the acquisition of
the Caterpillar dealership in Eastern
Canada and its very successful integration leading to
substantial creation of shareholder value. Scott is passionate
about Toromont. He has nurtured and strengthened the ongoing
corporate culture that fosters exceptional execution based on
empowerment, accountability, mutual respect as well as a balanced
approach between short term results and long-term positioning.
Because of his exceptional leadership, Toromont is in the enviable
position of having seasoned executives in key roles as well as a
dedicated workforce and is positioned well for the future. We look
forward to Scott's assistance in effecting a smooth transition.
A special committee of the Board of Directors of Toromont has
been struck to address an orderly transition.
About Toromont
Toromont Industries Ltd. operates through two business segments:
The Equipment Group and CIMCO. The Equipment Group includes one of
the larger Caterpillar dealerships by revenue and geographic
territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New
Brunswick, Prince Edward
Island, Québec, Ontario and
Manitoba in addition to most of
the territory of Nunavut. In addition, the Group includes
industry leading rental operations, a complementary material
handling business and an agricultural equipment business.
CIMCO is a market leader in the design, engineering, fabrication
and installation of industrial and recreational refrigeration
systems. Both segments offer comprehensive product support
capabilities. This press release and more information about
Toromont Industries can be found at www.toromont.com.
For more information contact:
Michael S. McMillan
Executive Vice President and Chief Financial Officer
Toromont Industries Ltd.
T: (416) 514-4790
SOURCE Toromont Industries Ltd.