Toro 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

• high

  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 →
• medium

  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 →
• medium

  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 →