Toro Names Edric C. Funk as Next CEO in Planned Leadership Transition
The Toro Company (NYSE: TTC), a global leader in outdoor environment solutions, has announced a major leadership transition as part of its long-term succession strategy. The company’s board of directors has elected current President and Chief Operating Officer Edric C. Funk to serve as President and Chief Executive Officer, effective November 1, 2026. Funk will also become a member of the company’s board of directors immediately.
He succeeds Richard M. Olson, who has led the company as Chief Executive Officer since 2016 and has spent more than four decades with The Toro Company. Olson will continue serving the organization in the newly created role of Executive Chairman of the Board, ensuring continuity during the transition while supporting the company’s long-term strategic direction.
Planned Leadership Transition Reflects Long-Term Strategy
The leadership announcement represents the culmination of The Toro Company’s carefully structured succession planning process. By selecting a leader with decades of experience across engineering, innovation, product development, and executive management, the company aims to maintain stability while continuing its growth trajectory in global outdoor equipment and infrastructure markets.
The board’s decision highlights confidence in Edric Funk’s ability to guide the company through its next phase of innovation, operational excellence, and market expansion. His appointment reflects Toro’s commitment to promoting experienced internal leaders who possess a deep understanding of the company’s culture, products, customers, and strategic priorities.
Richard Olson praised Funk’s leadership abilities and expressed confidence in the future direction of the company.
According to Olson, Funk has consistently demonstrated exceptional performance, accountability, and a strong commitment to both people and business results. He noted that Funk has successfully balanced financial performance with customer relationships, employee engagement, and shareholder value creation throughout his leadership journey.
Olson also emphasized that Funk’s collaborative leadership style and proven ability to execute strategic initiatives position him well to build upon Toro’s legacy of innovation and long-term success.
Edric Funk Brings Three Decades of Experience
Edric Funk is no stranger to The Toro Company. His career spans nearly 30 years, having joined the organization in 1996 as a design engineer.
Throughout his career, Funk has held numerous leadership positions that allowed him to develop extensive expertise across multiple areas of the business. His experience includes engineering, product development, marketing, technology innovation, and global product management.
His career progression demonstrates a consistent record of technical excellence and leadership development.
Among his notable leadership roles:
- Joined The Toro Company as a Design Engineer in 1996.
- Led the company’s Center for Technology, Research and Innovation beginning in 2017.
- Became General Manager of the Sitework Systems business in 2020.
- Served as Group Vice President of Golf, Grounds and Irrigation.
- Appointed President and Chief Operating Officer in September 2025.
As President and COO, Funk has been responsible for overseeing all of The Toro Company’s global business operations along with its integrated supply chain network. His leadership has involved managing diverse product portfolios while strengthening operational performance across international markets.
Throughout these assignments, he has earned recognition for combining technical expertise with customer-focused leadership and disciplined execution.
Commitment to Innovation and Customer Success
Innovation has been a defining element of Funk’s career.
His leadership of Toro’s technology and research organization helped strengthen the company’s innovation pipeline while supporting the development of advanced outdoor equipment and infrastructure solutions.
During his tenure leading various business units, Funk contributed to expanding the company’s capabilities across several important markets, including golf course maintenance equipment, irrigation systems, construction equipment, and grounds management solutions.
His experience also reflects a strong understanding of changing customer needs and emerging technologies that continue reshaping the outdoor equipment industry.
This background positions him to continue advancing Toro’s investments in smart technologies, connected equipment, electrification, and automation.
Funk Looks Ahead to the Company’s Next Chapter
Following his appointment, Funk expressed gratitude to the board of directors for its confidence and thanked Richard Olson for his leadership and mentorship throughout the years.
He described his appointment as a tremendous honor and emphasized his appreciation for the opportunity to work alongside Toro’s employees around the world during his three-decade career.
Funk said the company’s success has always been built upon strong customer relationships, continuous innovation, and a culture focused on excellence.
Looking ahead, he reaffirmed his commitment to strengthening Toro’s leadership position in its markets while continuing to deliver sustainable long-term value for customers, employees, shareholders, and other stakeholders.
Strong Educational and Industry Credentials
Funk combines practical engineering experience with advanced business education.
His academic qualifications include:
- Bachelor of Science in Engineering from the University of Minnesota.
- Master of Business Administration from the University of Minnesota Carlson School of Management.
- Professional Certificate in Innovation and Technology from the Massachusetts Institute of Technology (MIT).
Beyond his responsibilities at The Toro Company, Funk also serves on the board of the National Golf Foundation and The Toro Company Foundation, reflecting his involvement in both industry advancement and community engagement.
Board Recognizes Richard Olson’s Leadership
Lead Independent Director Jeffrey L. Harmening praised Richard Olson for his outstanding leadership and contributions to The Toro Company during his tenure as Chief Executive Officer.
According to Harmening, Olson has successfully guided the company through a period of sustained growth, operational excellence, and increased shareholder value.
The board also welcomed Olson’s continued involvement as Executive Chairman, noting that his experience and strategic guidance will remain valuable as the company enters its next leadership chapter.
Richard Olson Leaves a Lasting Legacy
Richard Olson’s career with The Toro Company spans approximately 40 years.
He began his journey as a process engineer in Windom, Minnesota, eventually rising through the organization to become President and Chief Executive Officer.
Since assuming the CEO role in 2016, Olson has overseen one of the most significant periods of transformation in the company’s history.
Under his leadership, The Toro Company achieved several notable milestones.
Revenue Growth
One of the company’s most significant accomplishments during Olson’s tenure has been its remarkable financial growth. The Toro Company has approximately doubled its revenue while maintaining a disciplined approach to profitability and operational performance.
Strategic Expansion
Olson also led Toro’s expansion into new infrastructure markets through strategic acquisitions, including the acquisition of Charles Machine Works.
This transaction significantly broadened the company’s capabilities in underground construction equipment and infrastructure solutions, creating new growth opportunities beyond its traditional outdoor power equipment business.
Investment in Advanced Technologies
Recognizing changing customer expectations and industry trends, Olson helped accelerate investments in several key technology areas.
These include:
- Electrification of equipment
- Smart connected products
- Digital technologies
- Robotic solutions
- Intelligent equipment management systems
These investments have positioned The Toro Company to compete effectively as automation, sustainability, and precision technologies become increasingly important across landscaping, agriculture, golf, and infrastructure markets.
Operational Excellence
During Olson’s leadership, the company also emphasized productivity improvements, operational excellence, and employee development.
These initiatives strengthened manufacturing operations, enhanced supply chain capabilities, and supported continued global expansion.
Continuing Toro’s Purpose-Driven Mission
The leadership transition comes at a time when The Toro Company continues to focus on helping customers improve the beauty, productivity, and sustainability of outdoor environments.
Its portfolio serves professionals and homeowners across numerous industries, including landscaping, golf course maintenance, construction, agriculture, municipal infrastructure, snow and ice management, irrigation, and residential outdoor care.
The company remains committed to delivering innovative solutions while maintaining a strong culture centered on integrity, collaboration, customer success, and continuous improvement.
With Edric Funk preparing to assume the role of President and Chief Executive Officer and Richard Olson continuing as Executive Chairman, The Toro Company is positioning itself for a seamless leadership transition. By combining experienced executive leadership with a long-term strategic vision focused on innovation, operational excellence, and sustainable growth, the company aims to strengthen its market leadership while continuing to create lasting value for customers, employees, shareholders, and communities around the world.
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