TORRANCE, Calif. — Toyota Financial Services will soon have
a new president and chief executive officer. 

The company announced earlier this week that George Borst is
retiring at the end of September, and filling his shoes as president and CEO
will be Mike Groff, who is currently senior vice president of sales, marketing
and product development.

Upon retiring from the role on Sept. 30, Borst will become
executive adviser at TFS until the end of calendar-year 2014.

Borst joined Toyota Motor Sales in 1985 as corporate
marketing manager.  He would eventually
lead development of a strategic planning department for Toyota and head up the
company's product planning group.  He
would later serve as general manager of the Lexus division.

Borst took on leadership of TFS in 1997. When TFS formally
separated from Toyota Motor Sales in 2001, he became president and CEO of the
new company.

Commenting on the upcoming change, Borst said: "Mike has
been an integral part of this company's achievements for 30 years.

"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."

Groff's career with Toyota began in 1983. His field
positions have included TFS branch manager and regional manager, and his
headquarters positions have included 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,"
Groff said. "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."

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