The Toro Company Elects President and Chief Operating Officer Edric C. Funk to Succeed Richard M. Olson as Chief Executive Officer as Part of Planned Succession

BLOOMINGTON, Minn.--(BUSINESS WIRE)--Jul 22, 2026--

The Toro Company (NYSE: TTC), a leading global provider of solutions for the outdoor environment, today announced a leadership transition as part of its long-term, succession planning process. On July 21, 2026, the company’s board of directors elected president and chief operating officer Edric C. Funk to the position of president and chief executive officer, effective November 1, 2026. He will also join the board of directors, effective immediately. Funk will succeed Richard M. Olson, who will transition to the role of executive chairman of the board following more than four decades with the company, most recently as chief executive officer since 2016.

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“Edric is a proven and highly respected leader within The Toro Company and across the markets we serve,” said Olson. “His outstanding track record of performance and accountability exemplifies what is possible when strong results are balanced with a deep commitment to people and purpose. Throughout his tenure, he has consistently executed key priorities to deliver shareholder value, inspire teams and foster trusting relationships. I have great confidence in the future of The Toro Company under Edric’s leadership to further build on our legacy of innovation and success.” Funk, a 30-year veteran of the company, has served as president and chief operating officer since September 2025 with responsibility for all its global businesses and integrated supply chain operations.

Since joining The Toro Company in 1996 as a design engineer, Funk has developed a deep understanding of its industries and customers through leadership roles spanning 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, where he continued to play an influential role in shaping the company’s approach to technical innovation, while demonstrating an appreciation for strong customer relationships, disciplined execution and collaborative leadership.

"It is an honor to take on this role and continue building upon The Toro Company's longstanding commitment to excellence," said Funk. “I am grateful for the confidence and support of the board and extend my sincere appreciation to Rick for his leadership and mentorship. 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.”

Funk holds a Bachelor of Science in engineering from the University of Minnesota and an MBA from the University of Minnesota – Carlson School of Management. He also has a professional 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.

“On behalf of the entire board, we thank Rick for his outstanding leadership and partnership,” said Jeffrey L. Harmening, lead independent director. “His stewardship of The Toro Company has driven strong performance, enhanced shareholder value, and strengthened the company’s position for the future. We are pleased that the organization will continue to benefit from his leadership as executive chairman.”

Olson transitions to executive chairman following a 40-year career at The Toro Company, beginning as a process engineer in Windom, Minnesota. During his tenure as CEO, The Toro Company team has focused on accelerating profitable growth, driving productivity and operational excellence, and empowering people. The company has doubled revenue, expanded into infrastructure markets through strategic acquisitions such as Charles Machine Works, and invested in technology to be a leader in electrification, smart connectivity and robotic solutions. This momentum reflects the strength of The Toro Company’s teams and their unwavering commitment to the company’s purpose of helping customers enrich the beauty, productivity and sustainability of the land, while fostering a culture deeply rooted in people and performance values.

About The Toro Company

The Toro Company (NYSE: TTC) is a leading global provider of solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.5 billion in fiscal 2025, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, BOSS, Ventrac, Tornado, HammerHead, American Augers, Spartan, Subsite, Radius, Hayter, Perrot, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com.

Forward-Looking Statements

This news release contains forward-looking statements, which are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current assumptions and expectations of future events, and often can be identified by words such as "anticipate," "believe," "confidence," "continue," "could," "expect," "future," "intend," "look forward," "may," "plan," "position," "potential," "strategy," "will," "would," variations of such words or the negative thereof, and similar expressions or future dates. Forward-looking statements involve risks and uncertainties that could cause actual events and results to differ materially from those projected or implied. Forward-looking statements in this release include statements regarding the company's leadership transition, the anticipated effectiveness of succession planning, the expected contributions and capabilities of Funk in his new role, and the company's future strategic direction and performance. Particular risks and uncertainties that may cause actual events and results to differ materially from those projected or implied include: risks associated with leadership transition, including the ability to successfully execute the transition and retention of key personnel and management; adverse worldwide economic conditions, including inflationary pressures and higher interest rates; the effect of abnormal weather patterns; customer, government and municipal revenue, budget spending levels and cash conservation efforts; loss of any substantial customer or strategic partnership; inventory adjustments or changes in purchasing patterns by customers; fluctuations in the cost and availability of commodities, components, parts, and accessories, including steel, engines, hydraulics, and resins; disruption at or in proximity to its facilities or in its manufacturing or other operations, or those in its distribution channel customers, mass retailers or home centers where its products are sold, or suppliers; risks associated with acquisitions and dispositions, including the company's recent acquisition of Tornado Infrastructure Equipment Ltd. and possible additional future impairment of goodwill or other intangible assets; impacts of AMP and any future restructuring activities or productivity or cost savings initiatives; the effect of natural disasters, social unrest, war and global pandemics; the level of growth or contraction in its key markets; the company’s ability to develop and achieve market acceptance for new products; increased competition; the risks attendant to international relations, operations and markets; foreign currency exchange rate fluctuations; financial viability of and/or relationships with the company’s distribution channel partners; management of strategic partnerships, key customer relationships, alliances or joint ventures, including Red Iron Acceptance, LLC; impact of laws, regulations and standards, consumer product safety, accounting, taxation, trade, tariffs and/or antidumping and countervailing duties petitions, healthcare, and environmental, health and safety matters; unforeseen product quality problems; loss of or changes in executive management or key employees; the occurrence of litigation or claims, including those involving intellectual property or product liability matters; impact of increased scrutiny on its environmental, social, and governance practices; and other risks and uncertainties described in the company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission. The company makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.

Edric C. Funk, The Toro Company

CHICAGO (AP) — An independent autopsy commissioned by the family of Nolan Xavier Wells found the 18-year-old’s cause and manner of death to be “undetermined” pending further investigation.

The civil rights attorney Ben Crump, who is representing the Wells family, announced the preliminary findings Wednesday in front of a standing-room-only crowd at the annual NAACP National Convention in Chicago.

The autopsy report, he said, showed no evidence of fractures or deep tissue injuries. It described a “red discoloration” in the back of Wells' skull as “inconclusive” and meriting further investigation.

Without further information, the forensic pathologist, Dr. Roger Mitchell, wrote that he could not rule out the possibility that “non-accidental factors contributed to or caused the death."

Wells had traveled to an island off the coast of Mississippi on July 4 with a group of friends, who later returned to the mainland without him. His body was discovered two days later floating off the island's coast.

In his report, the pathologist pointed to several challenges inherent to the independent autopsy, including the decomposition of the body and outstanding questions about whether Wells was conscious when he entered the water.

Because an initial autopsy was performed by the medical examiner in Mississippi, Wells’ body arrived without organs or neck structures — making it impossible to determine if he had suffered a neck injury or whether water had entered his lungs, according to the report, which notes that the practice is not unusual.

Still, the revelation, relayed by Crump, prompted gasps from the crowd of several hundred in Chicago. The attorney called on state officials to provide that evidence for the family to review as part of their own independent investigation.

The Mississippi medical examiner, which has not released the results of the state autopsy, did not return a message seeking comment.

The second autopsy was paid for by former NFL player Colin Kaepernick, whose group Know Your Rights Camp has paid for other independent autopsies.

“This is only another part of the puzzle, and even though it tells us significant information, we still have more questions than we have answers at this time,” Crump said of the results.

The still-unknown circumstances around Wells’ death have touched off rampant online speculation and prompted calls from Black leaders for transparency from local authorities. Wells, who was Black, had traveled to the island with a group of high school friends, all of whom are white.

A reward of $125,000 — jointly funded by the Rev. Al Sharpton, actor and producer Tyler Perry and former NFL player Terrell Owens — is now being offered in exchange for information leading to an arrest and conviction in connection with the death.

The autopsy announcement comes two days after Wells was laid to rest in his hometown of Ocean Springs, Mississippi.

In his eulogy, Sharpton lamented the “inconsistencies and unanswered questions” that had placed a dark cloud over the grieving family.

He questioned why Wells’ friends had left him behind, taken his phone and keys and failed to report him missing. And he suggested local investigators had spoken prematurely in statements to the news media indicating no crime was suspected.

“The reason that a lot of people across the nation are looking at this Nolan situation is because we’re looking at the history in Mississippi,” Sharpton added. “We can’t have someone in law enforcement saying there was no foul play before there was an investigation.”

Jackson County Sheriff John Ledbetter said initial interviews suggested Wells chose to stay on the island and that his friends believed he would get a ride with someone else. He has said the friends were cooperating with the investigation, which remains ongoing.

“We are trying to be respectful and collaborative as much as we can,” Crump said. “But it’s always troublesome to all of us when these investigations just take forever.”

An earlier version of this report had an incorrect first name for the forensic pathologist. He's Dr. Roger Mitchell, not Robert Mitchell.

Attendees gesture at a news conference about the results of an independent autopsy of Nolan Wells at the NAACP National Convention in Chicago, Wednesday, July 22, 2026. (AP Photo/Laura Bargfeld)

Christine Wonsley speaks at a news conference about the results of an independent autopsy of her son, Nolan Wells at the NAACP National Convention in Chicago, Wednesday, July 22, 2026. (AP Photo/Laura Bargfeld)

Civil rights attorney Ben Crump speaks at a news conference about the results of an independent autopsy of Nolan Wells at the NAACP National Convention in Chicago, Wednesday, July 22, 2026. (AP Photo/Laura Bargfeld)

Christine Wonsley, center, is flanked by her husband Elmore, second from left, attorney Ben Crump, left, and Rev, Al Sharpton, right, during a memorial service for her son Nolan Xavier Wells, an 18-year-old found dead after taking a July 4 boat trip with friends, Monday, July 20, 2026, in Ocean Springs, Miss. (AP Photo/Gerald Herbert)

Attorney Ben Crump, center, speaks next to Elmore and Christine Wonsley, at left, and Rev. Al Sharpton during a memorial service for Nolan Xavier Wells, an 18-year-old found dead after taking a July 4 boat trip with friends, Monday, July 20, 2026, in Ocean Springs, Miss. (AP Photo/Gerald Herbert)

Elmore Wonsley, center, speaks next to attorney Ben Crump, left, and Rev. Al Sharpton during a memorial service for Nolan Xavier Wells, an 18-year-old found dead after taking a July 4 boat trip with friends, Monday, July 20, 2026, in Ocean Springs, Miss. (AP Photo/Gerald Herbert)