TFS Shuffles Senior Leaders

July 22, 2008
July 21, 2008 - Torrance, CA - Toyota Financial Services announced three major senior executive moves on July 21, and additionally named a new Chief Information Officer to the company. All changes take effect July 28.
After nine years of leading record-setting finance and insurance sales performance, Dave Pelliccioni, Senior Vice President, Sales and Marketing, is appointed to the new position of Senior Vice President and Chief Administrative Officer. In this new capacity, Pelliccioni will provide oversight and leadership for Business Technology Solutions, Legal, Human Resources and Corporate Planning. Pelliccioni joined Toyota Motor Sales in 1988 as National Advertising Manager. He then joined TFS in 1999 and has held the positions of Vice President, Field Operations, and Vice President, Marketing.
Mike Groff, Group Vice President, Operations and Corporate Planning, who has successfully led the Commercial Finance, International, CSC Operations and Strategic Planning areas, is appointed Group Vice President, Sales, Product and Marketing. In this new role, TFS' three regional sales offices, all sales and product operations, and the marketing group will report to him. Groff joined Toyota in 1983 and has since held a number of senior leadership positions, including Vice President roles overseeing the company's three customer call centers, Commercial Finance and regional management responsibility of TFS financing operations in Canada, Mexico, Puerto Rico, Brazil, Argentina and Venezuela.
Mike Wells, Vice President, Marketing, Product Development and Toyota Financial Savings Bank (TFSB), who returned to TFS last year after holding key leadership roles with both the Toyota and Lexus divisions, is promoted to the new role of Group Vice President, Operations, Commercial Finance, International and TFSB. Wells joined Toyota in 1986 and has held numerous positions including Corporate Manager and Dean of Dealer Education and Development for the University of Toyota, and Vice President, San Francisco Region, directing sales, service, parts and customer relations activities of the region's 61 Northern California-based dealerships.
Finally, TFS announced the hiring of Mark Sarago to the company's role of Vice President and Chief Information Officer. Sarago most recently served as CIO for Citi Residential Lending. Prior positions also include CIO for ACC Capitol Holding and Director of Business Development at Tavant Technologies.
About Toyota Financial Services
TFS is the finance and insurance brand for Toyota in the United States, offering retail auto financing and leasing through Toyota Motor Credit Corporation (TMCC) and extended service contracts through Toyota Motor Insurance Services (TMIS). Lexus Financial Services is the brand for financial products for Lexus dealers and customers. TFS currently employs over 3,000 associates nationwide, and has managed assets totaling more than $79 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.

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