Toll Brothers names new CEO with details on salary announced.
In a significant leadership transition, Toll Brothers, a prominent luxury homebuilder based in Fort Washington, Pennsylvania, has announced the appointment of Karl K. Mistry as its new Chief Executive Officer (CEO), effective March 30. Mistry, who currently serves as the executive vice president, has been with the company for over two decades, having joined in 2004. He will take over from Douglas C. Yearley Jr., who has held the CEO position since 2010 and will transition into the role of executive chairman of the board.
Yearley, who played a crucial role in leading Toll Brothers during the tumultuous financial crisis after being appointed by cofounder Robert Toll, has steered the company through various market trends, maintaining its status as a leading builder in the luxury sector. Under his leadership, the company has seen significant growth and expansion into numerous major markets across the United States.
Mistry’s extensive experience at Toll Brothers includes managing operations in key markets such as Houston and Washington, D.C. Since 2021, he has overseen the company’s homebuilding operations in 15 states along the East Coast. His appointment comes at a time when Toll Brothers is navigating the complexities of the current housing market, characterized by fluctuating demand and economic challenges. According to Yearley, Mistry has demonstrated adept leadership during both favorable and challenging market conditions, making him well-suited to guide the company into its next chapter.
In terms of compensation, Mistry is set to receive a base salary of million, along with annual cash bonuses estimated at .25 million. Yearley’s base salary as executive chairman will remain at .2 million, with anticipated total annual compensation of approximately .6 million, which comprises cash bonuses and long-term equity incentives.
Toll Brothers, established in 1967 by brothers Bob and Bruce Toll, has evolved into a powerhouse within the homebuilding industry, constructing homes in over 60 markets nationwide. The company’s recent performance reflects this trajectory, reporting a record .8 billion in home sales revenue for fiscal year 2025. However, the company noted a decrease in net income, which amounted to .35 billion, down from .57 billion the previous year.
Despite the decline in profitability, Yearley assessed that the company executed effectively in a challenging environment marked by reduced demand. During the past year, Toll Brothers successfully sold over 11,000 homes, averaging 0,000 each. The company’s diverse customer base includes first-time buyers, move-up purchasers, active adults, and second-home buyers, indicating a robust and versatile market presence. This leadership transition and strategic positioning mark a pivotal moment for Toll Brothers as it continues to navigate the evolving landscape of the luxury homebuilding sector, seeking to leverage Mistry’s extensive experience and insights to sustain its growth trajectory.
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