Toll Brothers elects new CEO

Horsham, Pa.-based luxury home builder Toll Brothers announced its board has elected Douglas Yearley, current executive VP and 20-year veteran of the company, as its new chairman and CEO, effective June 16.

Robert Toll, 69, who served as chairman and CEO since the company’s founding in 1967, will remain on as executive chairman of the board.

"The board has had extensive interactions with Doug over many years, and we are fortunate to have such an experienced and talented home-grown leader to assume the CEO role. We are confident that Doug's ongoing partnership with Bob Toll will ensure the continued record of excellence the company has established over the past 43 years," the company’s board released.

“With Doug at the helm and with our seasoned team of senior executives, whose average tenure here is well over two decades, the company's future is in excellent hands," Toll said. 

Yearley joined the company in 1990, specializing in land acquisitions from financial institutions and the Resolution Trust Corp. Since then he has overseen the company’s marketing and brand development group.

Robert Toll founded the company in 1967 with his brother Bruce. The company went public in 1986.