Page will start his tenure on October 8, with Townsend staying on for a year at reduced hours to provide continuity and support.
Toro has been searching for a new CFO since May.
Previously CFO of the Curzon Group and head of finance at Amara Mining, Page has over 12 years' experience in finance.
Toro CEO Martin Horgan said, despite the challenge of having two senior executives named Martin, Page's appointment brought the company "highly relevant experience in West Africa gold mining and development".
