The Toro Company announced a planned leadership transition, naming President and Chief Operating Officer Edric C. Funk as president and chief executive officer, effective Nov. 1. The company’s board of directors elected Funk to the position on July 21 as part of its succession planning process. He also joins the board of directors effective immediately.
Funk succeeds Richard M. Olson, who will become executive chairman of the board after serving as CEO 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 has worked for The Toro Company for 30 years and has served as president and chief operating officer since September 2025, overseeing the company’s global businesses and integrated supply chain operations.
He joined the company in 1996 as a design engineer and has held leadership positions in 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.
“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’s degree in engineering from the University of Minnesota, an MBA from the University of Minnesota Carlson School of Management and 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 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 is transitioning to executive chairman after a 40-year career with The Toro Company. He joined the company as a process engineer in Windom, Minnesota, and has served as chief executive officer since 2016.