Toromont Announces Appointment of Michael McMillan, Executive Vice President and Chief Financial Officer

TORONTO, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Toromont Industries Ltd. (TSX: TIH) is pleased to announce the appointment of Michael McMillan as Executive Vice President and Chief Financial Officer, effective March 1, 2020. This appointment follows the May 19, 2019 announcement of the pending retirement of Paul R. Jewer, Toromont’s current Executive Vice President and Chief Financial Officer. Paul has agreed to stay on with Toromont following the appointment of Michael to assist in the succession of the CFO role, and other strategic initiatives.

Michael is an accomplished CFO with more than 25 years of financial experience, including: controllership, planning, mergers and acquisitions, and investor relations.  He also brings a strong capital market and risk management background.  Most recently, he served as Senior Vice President and Chief Financial Officer of Parkland Fuel Corporation. There, he was a key member of its executive management team during a period of significant strategic growth. Michael is a Chartered Professional Accountant and holds a Masters of Business Administration from the University of Calgary.

“We are very pleased to welcome Michael to Toromont,” said Scott Medhurst, President & Chief Executive Officer. “Michael is a proven business leader with strong strategic acumen, financial expertise and operational focus. He will be a valued member of our team as we continue to execute on our long-term strategy.”

“We extend our deep gratitude to Paul for his dedicated service and contributions as Executive Vice President and Chief Financial Officer over the past 14 years,” continued Scott. Paul has had a distinguished career providing critical stewardship as the company was transformed by some of the largest strategic events in Toromont’s history. Paul played a key role in the 2011 bifurcation of Enerflex Systems Ltd. and the 2017 acquisition of the Caterpillar territories in Quebec and the Maritimes.

Over the years, the financial industry has recognized Paul’s contributions consistently ranking him as one of Canada’s top CFOs.  Management and the Board of Directors of Toromont thank Paul for his dedicated service and contributions and look forward to his assistance ensuring a smooth 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.