The Toro Company announced that its board of directors has elected Renee J. Peterson to the offices of vice president, finance and chief financial officer, effective as of Aug. 22, 2011. Peterson will report to Michael J. Hoffman, chairman and chief executive officer, and succeeds Stephen P. Wolfe, who will be retiring after more than 25 years with the company.
“I’m extremely pleased to welcome Renee as Toro’s chief financial officer,” said Hoffman. “Renee’s extensive financial leadership experience in global businesses and proven track record in process improvements and cost controls will serve us well as we drive profitable revenue growth. We are confident in her ability to help expand our global reach, and further strengthen our financial position on our Destination 2014 journey and into the company’s next century.”
Peterson, 50, joins Toro from Eaton Corporation, a $13.7-billion diversified industrial manufacturer. There, she most recently served as vice president, finance and planning for that company’s Truck and Automotive Segments, which had revenues of nearly $4 billion over the past 12 months. She joined Eaton in 2008 as vice president, finance, information technology and business development for the Automotive Segment. Prior to Eaton, Peterson spent 25 years at Honeywell International in various leadership roles, ranging from senior financial positions to general management.
Peterson received her master’s of business administration from the University of Minnesota Carlson School of Management and a bachelor of science degree in accounting from St. Cloud State University in Minnesota.