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Toyota Financial Services Shuffles Senior Leaders, Hires New CIO

July 22, 2008

TORRANCE, Calif. - Toyota Financial Services appointed and promoted new senior executives on Monday, and additionally named a new chief information officer to the company.

After nine years of leading record-setting finance and insurance sales performance, Dave Pelliccioni, senior vice president of sales and marketing, is appointed to the new position of senior vice president and chief administrative officer. In this new capacity, Pelliccioni will provide oversight and leadership for business technology solutions, legal, human resources and corporate planning.

Pelliccioni joined Toyota Motor Sales in 1988 as national advertising manager. He then joined TFS in 1999 and has held the positions of vice president of field operations, and vice president of marketing.

Mike Groff, group vice president of operations and corporate planning, who has successfully led the commercial finance, international, CSC operations and strategic planning areas, was also appointed group vice president of sales, product and marketing. He will be responsible for TFS' three regional sales offices, all sales and product operations, and the marketing group.

Groff joined Toyota in 1983 and has since held a number of senior leadership positions, including vice president roles overseeing the company's three customer call centers, commercial finance and regional management responsibility of TFS financing operations in Canada, Mexico, Puerto Rico, Brazil, Argentina and Venezuela.

The company also announced that Mike Wells, vice president of marketing, product development and Toyota Financial Savings Bank (TFSB), was promoted to the new role of group vice president of operation, commercial finance, international and TFSB.

Wells, who returned to TFS last year after holding key leadership roles with both the Toyota and Lexus divisions, joined Toyota in 1986. He has held numerous positions, including corporate manager and dean of dealer education and development for the University of Toyota. He also served as vice president of the San Francisco Region, directing sales, service, parts and customer relations activities of the region's 61 Northern California-based dealerships.

Finally, TFS announced the hiring of Mark Sarago to the company's role of vice president and chief information officer. He will be responsible for leading the strategic development and implementation of the company's technology infrastructure, capabilities and organization.

Sarago brings 27 years of experience in all phases of IT leadership having held significant leadership roles in companies ranging from start-ups to large corporations. He most recently served as CIO for Citi Residential Lending. Prior positions also include CIO for ACC Capital Holding, director of business development at Tavant Technologies and CIO, senior vice president at Cendant Financial Services Group.

All management changes will be effective July 28.

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