The Toro Company Announces CEO Succession; Edric Funk Named CEO

What Happened

• The Toro Company (TTC) announced a planned leadership transition. On July 21, 2026 the Board elected Edric C. Funk as President and Chief Executive Officer effective November 1, 2026, and added him to the Board immediately. Current Chairman & CEO Richard M. Olson will transition to Executive Chairman effective November 1, 2026. The company disclosed the change in an 8‑K filed July 22, 2026.

Key Details

• Edric C. Funk, age 54, is an internal appointment (joined Toro in 1996); he has served as President & COO since September 2025 and will join the board class expiring at the 2027 annual meeting.
• Board increased size from nine to ten directors and filled the new seat with Mr. Funk, effective immediately.
• Compensation changes effective November 1, 2026: Funk’s base salary raised from $715,000 to $1,000,000; his fiscal 2027 annual cash incentive target set at 120% of base. Olson’s base salary set at $763,000; his fiscal 2027 annual cash incentive target set at 130% of base. Additional equity or other awards to be determined by the Compensation & Human Resources Committee in December 2026.
• As an employee director, Funk will not receive separate director fees while employed and will not serve on Board committees; there are no other material agreements or related‑party transactions disclosed.

Why It Matters

• Leadership succession is a material governance event: investors should note continuity (internal promotion) and the formal timing (effective Nov 1, 2026). Changes to CEO and Executive Chairman pay and incentive targets may affect executive compensation expense and align management incentives with corporate performance.