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Special Finance Insider

TFS’ Borst to Retire, New President and CEO Named

July 30, 2013

TORRANCE, Calif. — Toyota Financial Services (TFS) announced today that George Borst, the company’s U.S. leader of 16 years, will be retiring effective Sept.30, after which he will assume the role of executive advisor until the end of calendar year 2014. Stepping into Borst’s role will be Mike Groff, the company’s current senior vice president of sales, marketing and product development.

“Mike has been an integral part of this company’s achievements for 30 years,” said Borst. “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 joined Toyota Motor Sales (TMS) in 1985 as corporate marketing manager. He was later charged with creating a strategic planning department for Toyota and overseeing Toyota’s product planning group. He subsequently spent several years serving as general manager for the Lexus Division. 

Borst was appointed to lead TFS in 1997. In 2001, as TFS formally separated from Toyota Motor Sales, Borst was named the new company’s president and CEO. Under his leadership, TFS has grown from a company with $20 billion in assets to become one of the nation’s largest, and highest-rated captive finance companies. TFS has approximately four million active customers, total assets of more than $95 billion and employs more than 3,200 associates across the country. 

For the past five years, Groff has led the TFS Sales organization, directing 30 automotive finance Dealer Sales & Service offices and three regional offices, as well as product management, remarketing, marketing and national accounts. Additionally, he was responsible for TFS Commercial Finance Operations and the Vendor Management Office in the United States. He is a member of the Toyota Motor Credit Corp.’s board of directors and the Toyota Motor Insurance Services board of directors. 

Groff joined Toyota in 1983 and has held a variety of field positions, including TFS branch manager and regional manager. He also worked at the company’s headquarters as TMIS National Group product manager, corporate marketing and leasing manager, vice president of corporate strategy and vice president of customer service. 

“I have had the privilege of being part of TFS since its inception,” said Groff. “I am incredibly honored and excited to continue and expand the vision and mission established by George and our over 3,200 associates across the country. Together, we will ensure TFS remains the industry leader, and always the strong partner and lender of choice for our dealers and customers.”

In addition to his TFS responsibilities, Groff is a member of the Board of Directors for RouteOne, which is jointly owned by FMCC, Ally, TD Bank, and TFS. He is also a National Trustee for Boys and Girls Clubs of America.

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