Toyota announced that the Financial Services president and CEO, Mr. George Borst will retire on 30th September 2013 and will then work as an Executive Advisor till the end of the 2014. The new Financial Services president and CEO will be Mike Grof, currently working as Senior Vice President, Marketing, Sales and Product Development at TFS.
The current TFS president and CEO, Borst said “Mike has been an integral part of this company’s achievement 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.”
Borst is the part of Toyota since 1985 as Corporate Marketing Manager (TFM or Toyota Motor Sales). He also spent several years as General Manager of the Lexus Division and since 1997, Borst has been appointed to lead Toyota Financial Service and in 2001, Borst was announced the President and CEO of the TFS when it was officially separated from the Toyota Motor Sales. When Borst got the charge of the TFS, the TFS assets were $20 billion and today it has grown to $95 billion to more than 3,200 employees throughout the country. On the other hand, Mike Grof (to be appointed TFS president and CEO) is part of the Toyota since 1983 and he is also sharing his knowledge, experience and expertise in a decent manner.