The Toro Co. Elects Edric C. Funk as Next CEO

Announcement Part of Planned Succession Plan to Replace Richard M. Olson

As part of its long-term succession planning process, The Toro Co. announced that Edric C. Funk will succeed Richard M. Olsen as president and CEO. The appointment is effective Nov. 1.

Funk, currently president and COO, will also join the board of directors, effective immediately. Olson will transition to the role of executive chairman of the board following more than four decades with the company, most recently as CEO since 2016.

“Edric is a proven and highly respected leader within The Toro Co. and across the markets we serve,” says 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 Co. 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 COO since September 2025 with responsibility for all its global businesses and integrated supply chain operations.

Since joining The Toro Co. 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. There 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.”

Funk holds a Bachelor of Science in engineering from the University of Minnesota and an MBA from the University of Minnesota – Carlson School of Management. He also has a professional certificate in innovation and technology from the Massachusetts Institute of Technology. He serves on the boards of the National Golf Foundation and The Toro Company Foundation.

“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 Co. 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 Co., beginning as a process engineer in Windom, Minnesota. During his tenure as CEO, The Toro Co. team has focused on accelerating profitable growth, driving productivity and operational excellence, and empowering people.

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.

This momentum reflects the strength of The Toro Company’s teams and their unwavering commitment to the company’s purpose of helping customers enrich the beauty, productivity and sustainability of the land, while fostering a culture deeply rooted in people and performance values.

SOURCE – The Toro Co.

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