Management ChangeJul 22, 2026, 05:26 PM
Toro Company Names Edric C. Funk CEO; Richard Olson Becomes Executive Chairman
AI Summary
The Toro Company announced a planned leadership transition, electing Edric C. Funk as President and Chief Executive Officer, effective November 1, 2026. Current Chairman and CEO, Richard M. Olson, will transition to Executive Chairman on the same date. Mr. Funk's annual base salary will increase to $1,000,000, and his fiscal 2027 annual cash incentive target is set at 120% of his base salary. Mr. Olson's annual base salary as Executive Chairman will be $763,000, with a fiscal 2027 annual cash incentive target of 130% of his base salary.
Key Highlights
- Edric C. Funk appointed President and CEO, effective November 1, 2026.
- Richard M. Olson transitions to Executive Chairman, effective November 1, 2026.
- Funk's annual base salary increased to $1,000,000, effective November 1, 2026.
- Funk's fiscal 2027 annual cash incentive target set at 120% of base salary.
- Olson's annual base salary set at $763,000 as Executive Chairman.
- Olson's fiscal 2027 annual cash incentive target set at 130% of base salary.
- Funk elected to the Board of Directors immediately, increasing board size to ten.
Price Impact
More from TTC