Toll Brothers’ co-founder and executive chairman is stepping down at the end of the month.
Robert Toll will remain on the company’s board of directors and serve as a special adviser effective Nov. 1, the homebuilder said in a statement. CEO Douglas Yearley will be chairman of the board.
“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,” Toll, 77, said in the statement.
Toll Brothers, one of the country’s largest luxury homebuilders, has seen a profit boost this year. In the third quarter, net income climbed 30 percent thanks to strong new home sales amid housing supply constraints.
Its City Living division, which primarily focuses on the New York City metro area, has been focused on reducing inventory this year. In July, the division offered buyer incentives to spur sales.