Toromont Industries Ltd. has announced the appointment of Michael McMillan as Executive Vice President and Chief Financial Officer, effective March 1, 2020.
This appointment follows the May 19, 2019 announcement of the pending retirement of Paul R. Jewer, Toromont's current Executive Vice President and Chief Financial Officer. Paul has agreed to stay on with Toromont following the appointment of Michael to assist in the succession of the CFO role, and other strategic initiatives.
Michael is an accomplished CFO with more than 25 years of financial experience, including: controllership, planning, mergers and acquisitions, and investor relations. He also brings a strong capital market and risk management background.
Most recently, he served as Senior Vice President and Chief Financial Officer of Parkland Fuel Corporation. There, he was a key member of its executive management team during a period of significant strategic growth. Michael is a Chartered Professional Accountant and holds a Masters of Business Administration from the University of Calgary. "We are very pleased to welcome Michael to Toromont," said Scott Medhurst, President & Chief Executive Officer. "Michael is a proven business leader with strong strategic acumen, financial expertise and operational focus. He will be a valued member of our team as we continue to execute on our long-term strategy."
"We extend our deep gratitude to Paul for his dedicated service and contributions as Executive Vice President and Chief Financial Officer over the past 14 years," continued Scott. Paul has had a distinguished career providing critical stewardship as the company was transformed by some of the largest strategic events in Toromont's history. Paul played a key role in the 2011 bifurcation of Enerflex Systems Ltd. and the 2017 acquisition of the Caterpillar territories in Quebec and the Maritimes.
Over the years, the financial industry has recognized Paul's contributions consistently ranking him as one of Canada's top CFOs. Management and the Board of Directors of Toromont thanked Paul for his dedicated service and contributions and look forward to his assistance ensuring a smooth transition.
Searching for the best-performing excavator? Your search ends here. We tested the Volvo EC350E and EC380E against a leading competitor in three different tests: trenching, truck loading and lifting capacity at reach. The results show a 20% difference in cost-per-ton, a 15% difference in tons-per-hour and a 12% difference in both operating costs and lifting capacity. See the results and put an end to your search for the best excavator.