Toromont Announces Appointment of Michael McMillan as President and CEO Following Scott Medhurst’s Resignation

Retirement


Toronto, April 27, 2023 /CNW/ – Toromont Industries Ltd. (TSX: TIH) today announced Michael McMillan will be appointed President and Chief Executive Officer upon his retirement. Scott MedhurstMedhurst previously announced his intention to retire as CEO after a successful 35-year career at Toromont.

Toromont Industries Ltd. (CNW Group/Toromont Industries Ltd.)

Toromont Industries Ltd. (CNW Group/Toromont Industries Ltd.)

“Following a methodical and comprehensive search process, the Toromont Board of Directors has unanimously concluded that Mr. McMillan is the ideal candidate to succeed Mr. Medhurst.” Richard Roy, Chairman. “Mr. McMillan joined Toromont in 2020 as Executive Vice President and Chief Financial Officer, bringing with him a proven track record of leadership and disciplined execution. , has been instrumental in the success of Toromont, and I am confident that Mr McMillan is the right person to drive the continued success of Toromont’s business and its stakeholders.”

The search for a CFO to succeed McMillan is ongoing, and the effective date of his appointment as CEO will be announced at a later date, along with the appointment of the CFO. Until then, Medhurst will remain CEO while Medhurst and McMillan prepare for the transition. Following McMillan’s appointment as CEO, Medhurst will remain an advisor and assist in a smooth transition.

About Toromon

Toromont Industries Ltd. operates through two business divisions, Equipment Group and CIMCO. The equipment group includes one of the largest Caterpillar distributors by revenue and geographic area, spanning the following Canadian provinces: newfoundland & Labrador, Nova Scotia, new brunswick, Prince Edward IslandQuebec, Ontario and manitoba In addition to most of Nunavut. In addition, the Group includes an industry-leading rental business and a complementary material handling business. CIMCO is a market leader in the design, engineering, manufacturing 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 on his website at: www.toromont.com.

Sauce Toromont Industrial Co., Ltd.

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