Toll Brothers, Inc. (NYSE:TOL) on Wednesday announced that Richard T. Hartman, president and chief operating officer, will retire from the Company on December 31, 2019.

Richard Hartman.
Richard Hartman.

The company also announced that, in conjunction with Hartman’s retirement, James W. Boyd and Robert Parahus, each currently regional presidents with more than 30 years of experience in the home building industry, will succeed Hartman on November 1, 2019. Boyd currently has oversight responsibility for California, Nevada and Idaho and Parahus has similar responsibility for New Jersey, New York, Connecticut, Massachusetts and Florida, as well as Toll Integrated Systems, the company’s building-component manufacturing operations. In their new roles, Boyd will have responsibility for the company’s western region and Parahus its eastern region. They will serve as executive vice presidents and co-chief operating officers. Responsibility for the roles previously held by Boyd and Parahus will be assumed by regional presidents within the company’s management team.

“Since joining Toll Brothers nearly 40 years ago, Rick has been integral to advancing the growth of the company from a local builder to a national Fortune 500 Company and has been an invaluable mentor to generations of current leaders,” said Douglas C. Yearley, Jr., the company’s chairman and CEO. “His contributions have laid the cornerstone for our success and will have a lasting impact. We wish Rick all the best in his retirement.” Yearley continued, “As we say good-bye to Rick, we are excited to have Jim Boyd and Rob Parahus step into the roles of co-COOs. Each brings decades of experience and proven track records of success managing through multiple cycles at Toll Brothers.”

Mr. Boyd has more than 36 years of experience in the home building industry. After running his own home building company, he joined Toll Brothers in 1993 to oversee the company’s entry into the California market. He was appointed regional president in 2005. His involvement in the industry includes membership on the California Building Industry Association’s board of directors and executive committee. Boyd holds a Bachelor of Arts from Yale University and a Law Degree from the University of Pennsylvania. He was recently inducted into the California Homebuilding Foundation Hall of Fame.

Parahus began his career with Toll Brothers in 1986. In 1992 and 1993, he led Toll Brothers’ expansion into Connecticut and New York. He was appointed regional president in 2006. In addition to his oversight responsibility for home building operations in various eastern markets, he oversees Toll Integrated Systems, the company’s building-component manufacturing operations, with five plants located in the eastern United States. Parahus holds a Bachelor of Sciences degree in Architectural Engineering from the Pennsylvania State University.