Robert I. Toll, 69, founder and CEO of Toll Brothers Inc., will relinquish his CEO title in June,
the
Wall Street Journal
reported.
Executive vice president Douglas C. Yearley Jr., will become the new chief executive.
Toll, who founded the Horsham, Pa., company with his brother Bruce in 1967, will be the executive chairman and will consult on a variety of company decisions, the article said. Toll told the
Journal:
“It’s time to let the cream go to the top.”
The
Journal
article noted that although Yearley said he plans to change “very little,”
it may not be an easy transition. Bob Toll is a well-respected executive who takes a hands-on approach. And the builder’s focus on higher-end buyers has left it vulnerable in recent months as entry-level buyers dominated deals amid a shortage of mortgages for larger homes. It has also had one of the sector’s largest land positions at a time when most builders option land or secure it with a contract to buy it later for a set price.
Toll Brothers has been a public company since 1986. (Source:
Wall Street Journal
, May 18, 2010.)
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