The fiscal year that ended Oct. 31 was Hoffman's last as CEO. Now retired, he remains as board chairman.
Total compensation: $21,530,276 for the year ended Oct. 31, 2016
Salary: $990,000
Nonequity incentive pay: $1,023,536
Other compensation: $205,002
Exercised stock options: $16,204,312
Value realized on vesting shares: $3,107,426
New stock options: 138,000
Total fiscal 2016 shareholder return: 29.1 percent
Note: Hoffman retired as CEO on Oct. 31 but remains chairman. In his last year as CEO, he took home his largest payday mainly from a $16.2 million gain from previously issued stock options.
Hoffman has spent more than 39 years at Bloomington-based Toro, rising from a "mobile service representative" to the top spot. He was promoted to CEO in March 2005 and during his tenure the company's stock had a total return of about 400 percent, while the S&P 500 index during that time had a total return of about 77 percent.
Toro has grown organically during Hoffman's tenure. He also diversified Toro's product line through 13 acquisitions, including the $227 million deal for Boss Snowplows in 2014 that was the largest in Toro's history. For the year ended Oct. 31, the company had total sales of $2.4 billion and record earnings of $231 million.
Patrick Kennedy
President Donald Trump’s order starts the process of reclassifying cannabis alongside drugs with recognized medical uses, a change that could reshape taxes and enforcement in Minnesota.
