Daily Journal reports
TORRANCE, Calif. – Mike Groff was announced today as Toyota Financial Services’ new president and chief executive officer, replacing the retiring George Borst.
Groff is senior vice president for sales, marketing and product development at TFS.
Borst, the company’s U.S. leader of 16 years, will retire effective Sept. 30 and then assume the role of executive adviser until the end of 2014.
Borst joined Toyota Motor Sales in 1985 as corporate marketing manager and later was charged with creating a strategic planning department for Toyota and overseeing its product planning group. He later spent several years as general manager for the Lexus Division, then was appointed to lead TFS in 1997.
Groff has led TFS Sales the past five years, directing 30 automotive finance Dealer Sales & Service offices, as well as other responsibilities. He also is a member of the Toyota Motor Credit Corp. board of directors and the Toyota Motor Insurance Services board.
He joined Toyota in 1983.
According to the company, TFS has some 4 million active customers with total assets of more than $95 billion.