Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation’s leading builder of luxury homes, late last week 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.
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 Toll’s transition, the Board has elected Mr. Douglas C. Yearley, Jr., 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 home building 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.”
Said Toll: “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.”
