The Toro Company has announced that Edric C. Funk will succeed Richard M. Olson as the company’s President and Chief Executive Officer.
The leadership transition, effective Nov. 1, is part of Toro’s long-term, succession planning process.
Funk will also immediately join Toro’s board of directors. Olson will transition to the role of Executive Chairman of the Board following more than four decades with the company. He became CEO in 2016.
“Edric is a proven and highly respected leader within The Toro Company and across the markets we serve,” Olson said.
“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 is a 30-year veteran of The Toro Company. He has served as President and Chief Operating Officer since September 2025 with responsibility for all 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 honour to take on this role and continue building upon The Toro Company’s longstanding commitment to excellence,” Funk said. “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.”
During Olson’s 40-year tenure as CEO, The Toro Company 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 electrification, smart connectivity and robotic solutions technology.
“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.”
