Luxury homes builder Toll Brothers, Inc. (TOL), Monday announced the appointment of its Executive Vice President Douglas Yearley, Jr., as the new Chief Executive Officer, effective June 16, 2010. Yearley succeeds Robert Toll, who has been Chairman and Chief Executive Officer of the company since its founding in 1967.
Horsham, Pennsylvania-based Toll Brothers noted that Robert Toll would continue as executive chairman of the board, helping with the strategic management of the company.
Yearley, the newly appointed chief executive, joined Toll Brothers in 1990, as a specialist in land acquisitions. He has worked with various financial institutions and the Resolution Trust Corp.
At Toll Brothers, Yearley has also overseen the marketing and brand development group along with helping the company in operational home building.
Robert Toll observed, "Doug has honed his skills in both weak and strong markets. He has run numerous home building and support divisions, spearheaded the firm's geographic expansion and entry into the urban high-rise market, and overseen major land and builder acquisitions, distressed asset purchases and numerous other corporate and home building functions."
TOL closed Monday's regular trading at $20.88, down $0.03 or 0.14%, on a volume of 4.11 million shares on the NYSE. In after hours, the stock gained $0.18 or 0.86%, trading at $21.06.
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