The Toro Company (NYSE: TTC) announced that its board of directors elected Edric C. Funk, currently president and chief operating officer, to the role of president and chief executive officer, effective November 1, 2026. Funk will also join the board of directors immediately.

Funk will succeed Richard M. Olson, who has served as CEO since 2016 and will transition to the role of executive chairman following more than four decades with the company.

Funk joined The Toro Company in 1996 as a design engineer and has held leadership roles across 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. He has served as president and COO since September 2025.

Funk holds a Bachelor of Science in engineering and an MBA, both from the University of Minnesota, and a professional certificate in innovation and technology from the Massachusetts Institute of Technology.

"Edric is a proven and highly respected leader within The Toro Company and across the markets we serve," Olson said in a statement. "I have great confidence in the future of The Toro Company under Edric's leadership."

The Toro Company reported net sales of $4.5 billion in fiscal 2025. The company operates in more than 125 countries across turf and landscape maintenance, snow and ice management, underground construction, and irrigation and outdoor lighting markets.