Toyota Financial Services will soon have a new president and chief executive officer.
The company announced Monday that George Borst is retiring at the end of September, and filling his shoes as president and CEO will be Mike Groff, who is currently senior vice president of sales, marketing and product development.
Upon retiring from the role on Sept. 30, Borst will become executive adviser at TFS until the end of calendar-year 2014.
Borst joined Toyota Motor Sales in 1985 as corporate marketing manager. He would eventually lead development of a strategic planning department for Toyota and head up the company’s product planning group. He would later serve as general manager of the Lexus division.
Borst took on leadership of TFS in 1997. When TFS formally separated from Toyota Motor Sales in 2001, he became president and CEO of the new company.
Commenting on the upcoming change, Borst said: “Mike has been an integral part of this company’s achievements for 30 years.
“With his deep industry knowledge, his longstanding and strong partnership with our dealers, and a record of proven leadership during both the best and most challenging years this company has experienced, I know he will guide TFS to even greater success.”
Groff’s career with Toyota began in 1983. His field positions have included TFS branch manager and regional manager, and his headquarters positions have included TMIS national group product manager, corporate marketing and leasing manager, vice president of corporate strategy, and vice president of customer service.
“I have had the privilege of being part of TFS since its inception,” said Groff. “I am incredibly honored and excited to continue and expand the vision and mission established by George and our over 3,200 associates across the country. Together, we will ensure TFS remains the industry leader, and always the strong partner and lender of choice for our dealers and customers.”