The Toro Company (NYSE: TTC) has announced that Judy Altmaier has joined the company as vice president, operations. She succeeds Sandy Meurlot, who is retiring after seven years with the company.
In her new position, Altmaier assumes responsibility for all manufacturing operations in North America with indirect oversight for international manufacturing and distribution facilities. Prior to Toro, she was with Eaton Corporation where she most recently served as vice president and general manager of operations for the Auto Group Americas.
Additionally, as required by New York Stock Exchange (NYSE) rules, the company today reported the grant of restricted stock to Altmaier. The Board of Directors of The Toro Company awarded 4,752 restricted shares of common stock, par value $1.00, to Altmaier as an employment inducement award.
The restricted stock will vest in full on the third anniversary of Altmaier’s first day of employment with Toro and may vest earlier upon the occurrence of certain events, including death or disability or a change of control of Toro. In the event that Altmaier voluntarily terminates her employment prior to her third anniversary with Toro, the entire restricted stock grant will be forfeited and the shares will be returned to Toro's treasury account.
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