The Toro Company announced a leadership transition as part of its long-term, succession planning process.
On July 21, 2026, the company's board of directors elected president and chief operating officer Edric C. Funk to the position of president and chief executive officer, effective Nov. 1, 2026. He also will join the board of directors, effective immediately. Funk will succeed Richard M. Olson, who will transition to the role of executive chairman of the board following more than four decades with the company, most recently as chief executive officer since 2016.
"Edric is a proven and highly respected leader within The Toro Company and across the markets we serve," said Olson. "His outstanding track record of performance and accountability exemplifies what is possible when strong results are balanced with a deep commitment to people and purpose. Throughout his tenure, he has consistently executed key priorities to deliver shareholder value, inspire teams and foster trusting relationships. I have great confidence in the future of The Toro Company under Edric's leadership to further build on our legacy of innovation and success."
Funk, a 30-year veteran of the company, has served as president and chief operating officer since September 2025 with responsibility for all its global businesses and integrated supply chain operations.
Since joining The Toro Company in 1996 as a design engineer, Funk has developed a deep understanding of its industries and customers through leadership roles spanning engineering, marketing, global product management and technology innovation. He led the company's Center for Technology, Research and Innovation in 2017, became general manager of the Sitework Systems business in 2020, and later served as group vice president of Golf, Grounds and Irrigation, where he continued to play an influential role in shaping the company's approach to technical innovation, while demonstrating an appreciation for strong customer relationships, disciplined execution and collaborative leadership.
"It is an honor to take on this role and continue building upon The Toro Company's longstanding commitment to excellence," said Funk. "I am grateful for the confidence and support of the board and extend my sincere appreciation to Rick for his leadership and mentorship. Over the past 30 years, I've had the opportunity to work alongside our exceptional global teams and gain a deep appreciation for the relationships, innovation and customer focus that serve as hallmarks of the company. I look forward to building on those strengths as we advance our market leadership and deliver long-term value for our stakeholders."
"On behalf of the entire board, we thank Rick for his outstanding leadership and partnership," said Jeffrey L. Harmening, lead independent director. "His stewardship of The Toro Company has driven strong performance, enhanced shareholder value, and strengthened the company's position for the future. We are pleased that the organization will continue to benefit from his leadership as executive chairman."
Olson transitions to executive chairman following a 40-year career at The Toro Company, beginning as a process engineer in Windom, Minn. During his tenure as CEO, The Toro Company team has focused on accelerating profitable growth, driving productivity and operational excellence and empowering people, according to the company. The company has doubled revenue, expanded into infrastructure markets through strategic acquisitions such as Charles Machine Works, and invested in technology to be a leader in electrification, smart connectivity and robotic solutions.
