Luxury home builders Toll Brothers Inc. of Fort Washington, Pa., said Jan. 7 that Chairman and CEO Douglas C. Yearley, Jr., will transition to the role of executive chairman of the board on March 30 as part of the company’s long-term succession planning process.
“Having joined Toll Brothers in 1990 and in his position as CEO since 2010, Doug Yearley has expertly led the company through a significant period of growth and value creation, and we are grateful for his leadership,” said Scott Stowell, lead independent director of Toll Brothers.
Under Yearley’s leadership, Toll Brothers has grown to be a leading national luxury brand with operations in 60+ markets across 24 states, offering the most diverse array of price points and product lines in the industry.
Yearley called it an honor to serve as CEO of Toll Brothers, and said he was grateful to have had the privilege to work side-by-side with so many talented people.
“I am also very pleased that our company’s strong culture of cultivating and teaching the next generation of leadership is coming full circle today with this announcement,” added Yearley, who as executive chairman will continue to have a significant management role at the company, including guiding strategic initiatives and supporting his successor’s transition into the CEO role.
Karl Mistry, executive vice president and a 22-year Toll Brothers veteran, has been chosen by the Toll Brothers Board of Directors to succeed Yearley. He will take over as CEO and join the board on March 30.
“I am honored to become the third CEO of Toll Brothers, and I look forward to building on the tremendous foundation and strong legacy that Doug, and Bob Toll before him, have established during the company’s nearly 60 years in business,” said Mistry.
He also said he looks forward to continuing to work with Yearley and his other colleagues to serve customers, build the company’s industry-leading brand, and drive value for its shareholders, employees, and homeowners.
Yearley said Mistry is an outstanding leader with exemplary management skills and experience.
“Karl has honed his skills in both strong markets and challenging ones. He has run numerous homebuilding divisions and has overseen our expansion into several major markets,” said Yearley, who joined Toll Brothers in 1990 and has served as CEO since 2010 and board chairman since 2018. “Most recently, he has had responsibility for our Eastern operations across 15 states.”
Mistry joined Toll Brothers in 2004 as an assistant project manager in the company’s executive training program. In 2012, he was named division president for the Houston division, and in 2016 he was promoted to group president overseeing homebuilding operations in the Washington, D.C., metropolitan area.
In 2019, Mistry was named regional president of the Mid-Atlantic region, a position he held until becoming executive vice president. He holds a bachelor of science degree in economics from Texas A&M University and a master’s degree in real estate finance and development from Cornell University.
Stowell pointed out that the succession plan demonstrates both the deep talent bench at Toll Brothers, as well as the thoughtful process that has guided this leadership transition.