The luxury homebuilder Toll Brothers Inc. (NYSE: TOL) has announced a shift in its leadership, with Chairman and CEO Douglas C. Yearley Jr. transitioning to the role of executive chairman of the board on March 30 while Executive Vice President Karl K. Mistry will become CEO and join the board of directors.
In a press statement, the Fort Washington, Pennsylvania-based Toll Brothers said Yearley “will continue to have a significant management role at the company including guiding strategic initiatives and supporting the smooth transition of Mr. Mistry into the CEO role.”
Yearley joined Toll Brothers in 1990 and has served as CEO since 2010 and chairman of the board since 2018. Mistry joined Toll Brothers in 2004 as an assistant project manager in the executive training program. He became division president for the Houston division in 2012, and in 2016 he was promoted to group president overseeing homebuilding operations in Metro Washington, DC. In 2019, Mistry was named regional president of the Mid-Atlantic region and was elevated to his current role in 2021.
Scott D. Stowell, lead independent director of Toll Brothers, stated, “This succession plan demonstrates both the deep talent bench at Toll Brothers, as well as the thoughtful process that has guided this leadership transition, including Doug continuing as executive chairman.”
Photo: Douglas C. Yearley Jr.
