The Toro Company Charts Future with Tech Veteran Edric Funk as CEO

BLOOMINGTON, MN – July 22, 2026 – In a move signaling both strategic continuity and a deep commitment to technological advancement, The Toro Company (NYSE: TTC) has announced that President and Chief Operating Officer Edric C. Funk will succeed Richard M. Olson as President and Chief Executive Officer, effective November 1, 2026. The transition, part of a long-term succession plan, will see Olson, a 40-year veteran of the company, move to the role of Executive Chairman of the Board.

The announcement was met with a steady market response, with investors viewing the meticulously planned handover as a sign of stable governance. Funk, who has been with the outdoor solutions giant for three decades, will join the board of directors immediately, ensuring a seamless integration into the company's highest level of strategic oversight. This leadership evolution comes as The Toro Company builds on a period of remarkable growth and positions itself to lead in an era defined by electrification, automation, and smart technology.

A Legacy of Transformative Growth

Richard Olson’s transition to Executive Chairman marks the next chapter in a storied 40-year career that began on the factory floor as a process engineer. His decade-long tenure as CEO since 2016 has been nothing short of transformative for the Bloomington-based company. Under his stewardship, The Toro Company doubled its revenue, a feat achieved through a combination of organic growth and bold strategic acquisitions.

Perhaps the most significant move under Olson's leadership was the acquisition of Charles Machine Works, which brought iconic brands like Ditch Witch, American Augers, and Subsite into the fold. This single transaction dramatically expanded Toro’s footprint in the lucrative underground construction and infrastructure markets, diversifying its portfolio beyond its traditional turf and landscape maintenance strongholds. The company's net sales reached $4.5 billion in fiscal 2025, a testament to the success of this expanded strategy.

Beyond financial growth, Olson championed a forward-looking vision centered on technology. He guided substantial investments into what are now the pillars of modern industrial equipment: electrification, smart connectivity, and robotics. This foresight positioned The Toro Company not just as a participant but as a leader in these emerging fields. "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."

In his new role as Executive Chairman, Olson will continue to provide strategic counsel, ensuring that his deep institutional knowledge and industry relationships remain a core asset. This phased transition is widely seen by governance experts as a best practice, minimizing disruption and providing a stable foundation for the new CEO.

The Engineer at the Helm: A New Era of Innovation

Edric C. Funk’s journey to the CEO office is a narrative of deep-rooted expertise and consistent advancement within The Toro Company. Joining in 1996 as a design engineer, he has spent 30 years immersed in the company's culture, products, and markets. His career path is a testament to his versatile leadership, spanning engineering, marketing, global product management, and crucially, technology innovation.

Funk's technical acumen is underscored by his academic credentials—a Bachelor of Science in engineering, an MBA from the University of Minnesota’s Carlson School of Management, and a professional certificate in innovation and technology from MIT. This background proved pivotal when he was tapped to lead the company’s Center for Technology, Research and Innovation (CTRI) in 2017, placing him at the heart of its future-focused initiatives.

More recently, as President and COO, he has been responsible for all of the company's global businesses and its integrated supply chain. His leadership has been instrumental in accelerating the development of robotic mowing platforms, a push bolstered by the strategic acquisitions of Left Hand Robotics and TURFLYNX. These moves have already resulted in new robotic products entering the market, signaling a tangible return on the company's innovation investments.

Olson expressed his full confidence in his successor. “Edric is a proven and highly respected leader within The Toro Company and across the markets we serve,” he stated. “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."

Funk's own words reflect a readiness to build on this strong foundation. "It is an honor to take on this role and continue building upon The Toro Company's longstanding commitment to excellence," said Funk. "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."

Strategic Continuity Meets Technological Acceleration

The leadership transition at The Toro Company is a carefully orchestrated maneuver designed to blend the stability of proven leadership with the dynamism of a tech-focused future. The market's reaction, including a modest 1.74% rise in TTC stock on the day of the announcement, suggests investors appreciate the lack of drama and the clear strategic alignment. Analyst sentiment remains positive, with some rating the stock as "Outperform," citing strong financial health and constructive signals from management, tempered only by broader market conditions.

Funk inherits a company that is not just stable but is actively pursuing aggressive growth in key sectors. The underground construction segment, powered by the Ditch Witch business, continues to show robust demand. Simultaneously, he is expected to champion the company's "AMP" (Accelerating Margin and Productivity) program, a lean-principles initiative targeting $125 million in savings by the end of fiscal 2026. This dual focus on top-line innovation and bottom-line efficiency highlights a disciplined approach to profitable growth.

Funk's deep involvement in technology development positions him perfectly to steer the company's next phase. His leadership at the CTRI and his influence on the company's integrated smart systems and Technology Forum demonstrate a long-term commitment to embedding innovation across the organization. As CEO, he is expected to double down on this technology roadmap, accelerating the rollout of electric, autonomous, and connected solutions that address pressing customer needs like labor shortages and sustainability mandates.

Navigating the Future of Outdoor and Infrastructure Solutions

The Toro Company stands at a crucial intersection of industry trends. The push for sustainability is driving rapid adoption of electric-powered equipment, while persistent labor shortages across landscaping and construction are creating immense demand for robotic and autonomous solutions. The company’s strategic investments under Olson and the elevation of a technology-centric leader like Funk are direct responses to these powerful market forces.

With Funk at the helm, The Toro Company is poised to translate its significant R&D investments into market-leading products. His operational expertise will be critical in navigating complex global supply chains and scaling the production of these new technologies. Meanwhile, Olson's continued presence as Executive Chairman provides a valuable strategic sounding board, ensuring that this technological push remains grounded in the company's long-standing customer relationships and market wisdom. This balanced leadership structure is designed to empower the company to not only compete but to define the future of how customers "enrich the beauty, productivity and sustainability of the land."