Bloomington-based The Toro Company is handing the keys to a familiar face. The maker of mowers, irrigation systems and construction gear announced Wednesday that Edric C. Funk will become chief executive officer effective November 1, 2026, with current CEO Richard M. Olson sliding into the role of executive chairman. The board pitched the move as a planned succession, saying Funk will join the company’s board immediately, putting a longtime insider in position to run day-to-day operations well ahead of the busy fall season for outdoor products.
Planned succession and timeline
In a press release, The Toro Company said the board elected Funk on July 21 and that he will assume the combined president and CEO roles on November 1, 2026. The company said Olson, who has led Toro since 2016, will transition to executive chairman after a 40-year career with the firm. "Edric is a proven and highly respected leader within The Toro Company and across the markets we serve," Olson said in the release.
Funk's background and experience
Funk joined Toro in 1996 as a design engineer and worked his way through engineering, product and marketing positions before taking on global product management and leading the company’s Center for Technology, Research and Innovation, according to the Star Tribune. He was promoted to president and chief operating officer in September 2025 and has been credited with helping steer Toro’s push into robotics and connected equipment. Funk holds a bachelor’s degree in engineering and an MBA from the University of Minnesota, along with a professional certificate in innovation and technology from MIT.
What the leadership change signals
The company said the handoff is designed to keep momentum behind growth initiatives that doubled revenue under Olson’s watch and expanded Toro’s reach through strategic acquisitions and technology investments. In its statement, the board highlighted moves into infrastructure markets and ongoing work on electrification, autonomous platforms and smart-connected equipment as priorities for the next phase. "We are pleased that the organization will continue to benefit from his leadership as executive chairman," said Jeffrey L. Harmening, the lead independent director, in the company statement.
Local context and what to watch
Bloomington-based Toro’s leadership shuffle will be closely watched by local investors, dealers and municipal customers who depend on the company’s equipment to keep parks, campuses and golf courses in shape. The move was also covered by the Minneapolis / St. Paul Business Journal and the Star Tribune, which provide additional background on Funk’s rise inside the company. Analysts and customers will be eyeing how aggressively Toro pushes ahead on electrification and autonomous products, and whether the leadership change affects the company’s guidance later this year.
Funk is slated to formally take the helm on November 1, 2026. Until then, Olson will remain in his current role and oversee the board transition. The company listed investor and media contacts in its release for those seeking more detail.
