Toll Brothers Founder Robert I. Toll Steps Down as Executive Chairman; CEO Douglas C. Yearley, Jr. Elected as Chairman
Toll Brothers, Inc. (“Toll Brothers”), the nation’s leading builder of luxury homes, announced that Robert I. Toll, co-founder of the Company, is stepping down from his current role as executive chairman of the Board of Directors at the end of the Company’s fiscal year on October 31, 2018.
Mr. Toll, age 77, will remain a member of the Board of Directors, will serve as a special advisor to the Company, and, effective November 1, 2018, will be honored with the lifetime title of chairman emeritus of the Board. In connection with Mr. Toll’s transition, the Board has elected Mr. Douglas C. Yearley, Jr., age 58, the Company’s chief executive officer and a member of the Board of Directors, to the position of chairman of the Board.
Mr. Yearley stated: “Bob Toll’s vision has skillfully guided Toll Brothers for over 50 years, during which he has become a nationally recognized leader in the homebuilding industry. On behalf of our Board and current and former employees, I want to thank Bob for his visionary leadership and the strong foundation he has built for our Company. I also want to personally thank him for his guidance and strong support over the 28 years that I have been with the Company. As we look to the future, I am grateful that we will continue to benefit from Bob’s knowledge, experience and counsel in his role as director and strategic advisor.”
Mr. Toll stated: “When Toll Brothers was founded more than fifty years ago, I could not have imagined the Company as it stands today. Doug Yearley’s appointment to the role of chairman of the Board of Directors represents the culmination of the leadership transition process we began when Doug assumed the position of chief executive officer in 2010. Doug is a tremendous leader with a successful track record of driving growth and profitability.”
About Toll Brothers
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 22 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia (Toll Brothers Apartment Living), Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital. In 2018, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fourth year in a row it has been so honored. Toll Brothers was named 2014 Builder of the Year by Builder magazine and is honored to have been awarded Builder of the Year in 2012 by Professional Builder magazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world.
Frederick N. Cooper – Senior Vice President – firstname.lastname@example.org – (215) 938-8312
Source: Toll Brothers, Inc.