Toyota Financial Taps Insider as Next Chief Executive

Mike Groff, president and chief executive, Toyota Financial Services (right) and his successor Mark Templin (left).

A leadership change at Toyota Financial Services will have long-time executive Mark Templin take the reins as president and chief executive, the captive announced in a press release.

Templin will serve as the successor to Mike Groff, who is set to retire at the end of the month. Templin first joined Toyota in 1990 and has served as chairman of the board of directors of Toyota Motor Credit Corp. since May 2016.

With an insider taking the helm, Templin “brings a global depth of knowledge and experience in both the finance and automotive sides of the business,” Groff said in the release. “He understands how to meet the needs of our dealer partners and our distributor affiliates.”

Groff, who joined Toyota Motor Credit in 1983 as the company’s seventh employee, became president and chief executive in 2013. He will serve as an executive adviser to the captive until November 16.

Under Groff’s leadership, Toyota has increased its total outstandings by 24.7% — rising to $91.3 billion in 2017 compared with $73.2 billion in 2013, according to Big Wheels Auto Finance data. Additionally, Groff oversaw the captive’s headquarters change when it joined Toyota Motor North America and relocated to Plano, Texas in July 2017.  Groff was also responsible for TFS operations in Canada, Mexico, Puerto Rico, Argentina, Brazil, and Venezuela.

Toyota and its finance arm have experienced a transition over the years under the leadership of the OEM’s President, Akio Toyoda, who took the helm in June 2009. A part of Templin’s goals as the captive’s chief executive is to, “be a great partner to the automotive side of the business in achieving Akio Toyoda’s vision of mobility for all,” Templin said. 

The captive has recently undergone other leadership changes. Most recently, Vipin Gupta was appointed as group vice president and chief information officer in April. Additionally, Veronica Roman was tapped as chief compliance officer in May of last year.

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