Plano-based Toyota Financial Services has announced executive changes that will take effect January 2, including a new CEO and CFO.
Scott Cooke, currently TFS senior vice president and chief financial officer, has been promoted to Toyota Financial Services president and CEO, the company said.
Mark Templin, current president and CEO, assumes the title of chairman of the board of Toyota Motor Credit Corp., and retains the titles of chairman of the board of Toyota Financial Savings Bank, CEO of the TFS Americas Oceania Region, CEO of Toyota Insurance Management Solutions, and director and group chief operating officer of Toyota Financial Services Corp. in Japan.
James Schofield, TFS group vice president of finance, treasury, competitiveness, mergers and acquisitions, has been promoted to group vice president and CFO.
‘The ideal leader’
As CFO, Cooke has been responsible for the overall financial management of Toyota Financial Services, leading the functions of TFS accounting, TFS finance, TFS and Toyota Motor North America treasury, and TFS competitiveness and mergers & acquisitions. He serves on the board of directors of Toyota Motor Credit Corp., the Toyota Financial Services International Corp. management committee, and acts as the chief financial officer for the TFS Americas Oceania Region.
“I look forward to continuing the TFS tradition of providing the best possible service to consumers and dealers,” Cooke said in a statement. “Toyota Financial Services’ role has always been to deliver top-tier experiences that keep consumers loyal to our brands and their originating dealer in a way that supports manufacturer and dealer profitability. TFS also provides a stable source of funding for customers and dealers during good and challenging economic conditions. We fully intend to continue this strategy by providing innovative solutions that meet rapidly evolving customer preferences and needs.”
Cooke, who joined Toyota in 2003, has held leadership roles in treasury, business intelligence, analytics, finance, risk, dealer credit, and strategy. Cooke also served as corporate manager of product planning for Toyota Motor North America.
“Scott is the ideal leader to succeed me in this role. He brings unparalleled knowledge of the TFS organization based on his decades with the company in positions both here and at Toyota Motor North America,” Templin said in a statement.
Success then and now
In a 2020 interview published by his alma mater, the Strome School of Business at Old Dominion University, Cooke talked about several topics including his leadership style in his then-new role of CFO at Toyota Financial Services.
When asked what kind of leader he considered himself and does he develop future leaders, Cooke replied:
“I strive to be a good member of a high performing team. Sometimes that means being out in front showing others the way. Other times it is following and playing a different role to accomplish the team’s goals. I want to be a trusted member of a team that wants to make a difference in the world and strives for excellence. Developing future leaders is about identifying others who want to participate on high performing teams and are willing to take the same approach. It is amazing what happens when you put smart, selfless people together on a team with a common goal.”
What were three things Cooke would tell his younger self going into college and right after graduating?
“Take action…don’t attend college just to go to class,” he said. “Learn something, then go apply it. Take more risks…take on something big and worthy. Make sure that you spend time with the people that you love and make them feel loved. Life is delicate, and we don’t always get another chance to tell the people that we care about the most, that we love them.”
And, having just started as CFO, Cooke was asked what goals he had for himself?
“In my new role I have a few goals: Grow value—value for Toyota, our customers, and the communities in which we operate around the world,” Cooke said. “Our company is shifting from a car company to mobility company, and I want to help contribute to that transformation. Be a good leader and help those around me reach their full potential. Remember that success for me is also having a happy, healthy family.”
Focus on finance
TFS said that Schofield is recognized as a thoughtful and effective leader who has elevated the TFS finance, treasury, and competitiveness functions to new heights.
He joined TFS in 2021, bringing knowledge about financial services best practices gleaned from previous roles at Lloyds Banking Group and JP Morgan Chase.
Toyota Financial Services is the brand for finance and related products for Toyota in the United States and offers retail auto financing and leasing through Toyota Motor Credit Corp. and Toyota Lease Trust.
TFS also offers vehicle and payment protection products via Toyota Motor Insurance Services. The company services Lexus dealers and customers using the Lexus Financial Services brand.
As of March 31, TFS said it employed roughly 3,800 team members nationwide, and had assets totaling over $137 billion.
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