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Get filing alertsToro promotes COO Edric Funk to President and CEO effective Nov 1; Olson to Executive Chairman
Filed July 22, 2026 · Period ending July 21, 2026 · ~1 min read
Key Changes
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Edric Funk, 30-year Toro veteran and current President/COO since Sept 2025, elected President and CEO effective Nov 1, 2026; joins board immediately. Richard Olson, CEO since 2016, transitions to Executive Chairman same date.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Funk's base salary increases from $715,000 to $1,000,000 upon assuming CEO role; annual cash incentive target set at 120% of base salary for fiscal 2027, with performance measures to be determined in December 2026.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Olson will receive $763,000 base salary as Executive Chairman with 130% annual cash incentive target for fiscal 2027; continues eligibility for CEO-level perquisites.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Board expanded from nine to ten directors to accommodate Funk's immediate election; he joins the class of directors with terms ending at the 2027 Annual Meeting.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Toro disclosed a planned CEO succession as part of long-term leadership planning. Edric Funk, who has been with the company for 30 years and served as President and COO since September 2025, will become President and CEO on November 1, 2026. Richard Olson, who has led Toro as CEO since 2016 and served as Chairman since 2017, will transition to Executive Chairman on the same date.
During Olson's tenure, the company doubled revenue and expanded into infrastructure markets through acquisitions including Charles Machine Works. Funk's career progression from design engineer (1996) through marketing, product management, technology innovation, and general management roles across multiple business segments provides operational continuity.
His compensation as CEO includes a $1 million base salary and 120% annual incentive target. Olson will remain engaged as Executive Chairman with $763,000 base salary and 130% incentive target. The transition represents an orderly handoff with significant internal continuity—Funk has been in the President/COO role for over a year and brings three decades of company-specific knowledge across engineering, commercial operations, and strategic functions.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Mr. Funk, age 54, joined the Company in 1996 as a design engineer. He transitioned to marketing in 2003 and held roles of increasing responsibility in the Company’s Residential, Landscape Contractor, International, and Commercial businesses. In 2014, Mr. Funk was promoted to director of global product management for the Commercial and International businesses, and in 2017, he was named managing director of the Company’s Center for Technology, Research & Innovation. Mr. Funk became the general manager of the Sitework Systems business in November 2020, before being promoted to group vice president of Golf, Grounds and Irrigation in November 2022. Mr. Funk began serving as the Company’s President and Chief Operating Officer in September 2025.
Funk has 30 years of tenure at Toro, starting as a design engineer in 1996 and progressing through engineering, marketing, and general management roles across multiple business segments. He has served as President and COO since September 2025, providing continuity in the leadership transition.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Additionally, on July 21, 2026, the Board increased the size of the Board from nine to ten directors and elected Mr. Funk to fill the vacancy created by such increase, effective immediately. Mr. Funk joins the class of directors having a term ending at the Company’s 2027 Annual Meeting of Stockholders.
The Board expanded from nine to ten directors to accommodate Funk's immediate election. As an employee director, Funk will not receive separate director fees or serve on Board committees during his employment.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the press release issued by the Company in connection with the announcement of the election of Mr. Funk as President and Chief Executive Officer and Mr. Olson as Executive Chairman
The company announced the election of Mr. Funk as President and Chief Executive Officer. The 8-K references a press release (Exhibit 99.1) containing the announcement but does not provide details on timing, prior roles, or transition terms within the body text.
Added in current filing · verify on EDGAR →
the press release issued by the Company in connection with the announcement of the election of Mr. Funk as President and Chief Executive Officer and Mr. Olson as Executive Chairman
The company announced the election of Mr. Olson as Executive Chairman. The 8-K references a press release (Exhibit 99.1) containing the announcement but does not provide details on Mr. Olson's prior role or the nature of the transition within the body text.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Funk, a 30-year veteran of the company, has served as president and chief operating officer since September 2025 with responsibility for all its 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
Edric Funk has 30 years with Toro, starting as a design engineer in 1996. He became president and COO in September 2025, overseeing all global businesses and supply chain. His career spans engineering, marketing, product management, and technology innovation roles, including leading the Center for Technology, Research and Innovation (2017), general manager of Sitework Systems (2020), and group vice president of Golf, Grounds and Irrigation.
Added in current filing · view on EDGAR →
Olson transitions to executive chairman following a 40-year career at The Toro Company, beginning as a process engineer in Windom, Minnesota. During his 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 technology to be a leader in electrification, smart connectivity and robotic solutions.
Richard Olson spent 40 years at Toro, starting as a process engineer. During his CEO tenure (since 2016), the company doubled revenue, expanded into infrastructure markets through acquisitions like Charles Machine Works, and invested in electrification, smart connectivity, and robotic solutions. He focused on profitable growth, productivity, operational excellence, and people development.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify