The Toro Company announced Wednesday that its vice president of finance and chief financial officer (CFO), Steve Wolfe, plans to retire after 25 years with the company.

The Bloomington-based company said it has hired Crist Kolder Associates, an executive search firm in Chicago, to assist in the search for Wolfe's successor. Toro expects to name a successor prior to Wolfe's retirement on July 31.

Wolfe joined the company in 1986 as part of Toro's acquisition of Wheel Horse Products, Inc., where he served as vice president of finance and treasurer. Following the acquisition, he was named president of Toro Credit Company in 1990, and he became vice president of finance, treasurer, and CFO in 1997.

“Steve has been instrumental in improving Toro's financials over the past decade, building a strong finance organization, and helping create a culture of financial discipline across the company,” Michael J. Hoffman, Toro's chairman and CEO, said in a statement. “His efforts will benefit Toro well into the future.”

Toro manufactures turf maintenance equipment and irrigation systems for golf courses, sports fields, municipalities, commercial and residential properties, and agricultural fields. It is one of Minnesota's 30 largest public companies based on revenue. The company's sales totaled nearly $1.7 billion in its 2010 fiscal year.