The Toro Co. this week announced that its board of directors elected Renee Peterson to the offices of vice president, finance and chief financial officer, effective Aug. 22. Peterson will report to Michael Hoffman, chairman and CEO, and succeeds Stephen Wolfe, who is retiring after more than 25 years with the company.

Peterson, 50, joins Toro from Eaton Corp., a $13.7 billion diversified industrial manufacturer. There she most recently served as vice president, finance and planning for the company’s Truck and Automotive Segments, which had revenues of nearly $4 billion over the past 12 months. She joined Eaton in 2008 as vice president, finance, information technology and business development for the Automotive Segment. Prior to Eaton, Peterson spent 25 years at Honeywell International in various leadership roles ranging from senior financial positions to general management.

“Renee’s extensive financial leadership experience in global businesses and proven track record in process improvements and cost controls will serve us well as we drive profitable revenue growth,” said Hoffman. “We are confident in her ability to help expand our global reach, and further strengthen our financial position on our Destination 2014 journey and into the company’s next century.”

Headquartered in Bloomington, Minn., The Toro Co. is a worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems.