Posted on 03/09/2005 6:30:17 AM PST by Rakkasan1
Ken Melrose will leave at the top of his game Tuesday when he wraps up his 21-year run as CEO at Toro Co. His move caps a tenure almost unmatched by any of his big-company peers here.
For Melrose personally, the success has turned out to be too much. So great are the riches the Bloomington company's achievements have showered onto him that he now finds himself facing a new challenge: how best to reduce his wealth.
Under his leadership, Toro grew exponentially. On a compounded basis, sales rose an average 8 percent annually from 1983 to 2004 and net income climbed 15 percent a year.
The company has also diversified by moving beyond lawn mowers and snow throwers to a variety of other products and services less vulnerable to recessions.
The result: On a split-adjusted basis, Toro's stock price has risen to nearly 22 times its level when he took the top job in 1983.
The rising stock price has benefited long-term Toro shareholders immensely.
(Excerpt) Read more at twincities.com ...
He's definitely a rarity. I'll bet other companies are trying to tempt him
They made an unbeatable product. Reliable!
Steve Covey bump.
I used to work for their competitor Rainbird and you would not see acts like this from the head of the company there.
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