Toyota Financial Services in Plano, Texas, has tapped an insider as its next leader.
The finance and insurance arm of the automotive giant said in a press release Monday that Mark Templin will become its president and CEO, effective Aug. 31. Templin will succeed Mike Groff, who is retiring.
Templin is chairman of Toyota Motor Credit and president and chief operating officer of Toyota Financial Services. He will also succeed Groff as CEO of the Americas region of Toyota Financial Services International.
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, became president and CEO of Toyota Financial Services in 2013. He will serve as an executive adviser to the company until Nov. 16.
Templin, who joined Toyota in 1990, has been chairman of Toyota Motor Credit since 2016.
Toyota Financial Services, which has more than $120 billion of assets, serves Toyota and Lexus buyers and dealers. It offers auto financing and leasing through Toyota Motor Credit and Toyota Lease Trust. It also offers extended service contracts through Toyota Motor Insurance Services.
The company recently hired Vipin Gupta, former chief information officer for the community bank division of KeyCorp, to fill a similar position.