Good things come to those who wait.
After 30 years of service with The Toro Co., Edric Funk has been named president and chief executive officer of the Bloomington, Minnesota equipment manufacturer.
Funk, who has been the company’s president and chief operating officer, will take over as CEO on Nov. 1, succeeding Richard Olson who will transition into the role of executive board chairman.
Funk joined Toro in 1996 as a design engineer. He led the company’s Center for Technology, Research and Innovation in 2017, was named general manager of the Sitework Systems business in 2020 and later served as group vice president of Golf, Grounds and Irrigation.
Funk is a graduate of the University of Minnesota, where he earned a bachelor of science degree in engineering and a master of business administration. He also holds a certificate in innovation and technology from the Massachusetts Institute of Technology. He serves on the boards of the National Golf Foundation and The Toro Company Foundation.
Olson transitions to executive chairman following a 40-year career at Toro. His career began as a process engineer. The company experienced tremendous growth during his time as its CEO, doubling revenue, the company says.
“I am grateful for the confidence and support of the board and extend my sincere appreciation to Rick for his leadership and mentorship,” Funk said in a news release. “Over the past 30 years, I’ve had the opportunity to work alongside our exceptional global teams and gain a deep appreciation for the relationships, innovation and customer focus that serve as hallmarks of the company. I look forward to building on those strengths as we advance our market leadership and deliver long-term value for our stakeholders.”
