Toro exec gives stock to BEA Foundation
A 1973 Blue Earth High School graduate is giving back to his alma mater, now that he’s worked his way up to being president of a successful Minnesota-based company.
The Blue Earth Area Foundation received a donation of 80 shares of The Toro Company (TTC) stock from Michael Hoffman, CEO and president of Toro, based out of Bloomington.
“I’m excited about it,” BEA superintendent Dale Brandsoy says. “And I think when a former graduate does that, I think it says a lot for the district and their appreciation for what Blue Earth did for them.”
Hoffman joined Toro in 1977 and served in various sales, service and marketing roles. He helped different professional and residential divisions reach increased market share, revenue growth and profitability.
Hoffman was named chief executive officer in 2005, and worked as chief operating officer prior to that.
The Blue Earth Area Foundation hasn’t yet been able to discuss its plans for the stock — specifically, whether it will be sold or kept in case the price increases — but, a meeting is planned for the end of January.
The Toro Company (TTC) shares have been sitting at around $62 apiece for the past week, giving the Blue Earth Area Foundation a sizeable donation of nearly $5,000, if it chooses to sell them.
If the stock is sold, the foundation will be able to decide how the money will be used.
“Our mission is to enhance the educational opportunities of students in the Blue Earth Area School District,” says Vickie Hanson, treasurer of the foundation.
In the past, funds from the foundation have helped underwrite the cost of class trips, updated technology in the classrooms and provided teachers with supplies that aren’t allotted for in the normal school budget.