TORONTO, April 27,
2023 /CNW/ - Toromont Industries Ltd. (TSX: TIH)
announced today that Michael
McMillan will be appointed President and Chief Executive
Officer upon the retirement of Scott
Medhurst. Mr. Medhurst previously announced his intention to
retire as CEO after a successful 35-year career with Toromont.
"Following an orderly and comprehensive search process, the
Board of Directors of Toromont unanimously concluded that Mr.
McMillan is the ideal candidate to succeed Mr. Medhurst," said
Richard Roy, Chair of the Board.
"Mr. McMillan joined Toromont in 2020, as Executive Vice President
and Chief Financial Officer, bringing a proven track record for
leadership and disciplined execution. He has been a critical
partner to Mr. Medhurst and the entire Toromont team, helping to
successfully navigate Toromont through these unprecedented recent
years. We are confident that Mr. McMillan is the right person to
drive continued success for Toromont's business and
stakeholders."
A search for Mr. McMillan's successor as CFO is underway and the
effective date of his appointment to CEO will be announced at a
later date, along with the CFO appointment. Until then, Mr.
Medhurst will continue as CEO while he and Mr. McMillan prepare for
the transition. Following Mr. McMillan's appointment as CEO, Mr.
Medhurst will stay on as his advisor to help in a smooth
changeover.
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 and a complementary material
handling 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.
SOURCE Toromont Industries Ltd.