Toll Brothers Announces New CEO

Current chairman and CEO Doug Yearley will transition to executive chairman and Karl Mistry will succeed Yearley as CEO.

Toll Brothers—No. 10 on the 2025 Builder 100—announced Karl Mistry, executive vice president and a 22-year Toll Brothers veteran, will succeed current chairman and CEO Douglas Yearley, Jr. in the role of CEO at the end of March.

Yearley will transition to the role of executive chairman of the board. As executive chairman, Yearley will continue to have a significant management role, including guiding strategic initiatives and supporting the smooth transition of Mistry into the CEO role.

“It has been an honor to serve as CEO of Toll Brothers,” says Yearley. “I am truly grateful to have had the privilege to work side-by-side with so many talented people to deliver the American Dream to thousands of clients every year and expand our luxury brand into new markets and price points across the country. I am also very pleased that our company’s strong culture of cultivating and teaching the next generation of leadership is coming full circle today with this announcement.”

Yearley joined Toll Brothers in 1990 and has served as CEO since 2010 and chairman of the board since 2018. Under Yearley’s leadership, Toll Brothers has grown to be a national luxury brand with operations in 60-plus markets across 24 states.

“Karl is an outstanding leader. His management skills are extraordinary and the breadth of experience he has gained over the past two decades at Toll Brothers has prepared him well for the CEO role,” continues Yearley. “With Karl at the helm partnering with our other seasoned leaders and operating teams, the company’s future is in excellent hands, and I am excited to continue to be a part of it in my new role as executive chairman.”

Mistry joined Toll Brothers in 2004 as an assistant project manager in the company’s executive training program. In 2012, he was named division president for the Houston division, and in 2016, he was promoted to group president overseeing home building operations in Washington, D.C. In 2019, Mistry was named regional president of the Mid-Atlantic region. In his current role as executive vice president, a position he has held since 2021, Mistry manages the company’s home building operations throughout 15 states in the East.

“I am honored to become the third CEO of Toll Brothers, and I look forward to building on the tremendous foundation and strong legacy that Doug, and Bob Toll before him, have established during the company’s nearly 60 years in business,” says Mistry. “It’s been a privilege to work closely with Doug for nearly a decade, and I look forward to continuing to work with him and all of our Toll Brothers colleagues as we serve our customers, build our industry-leading brand, and drive value for our shareholders, employees, and homeowners.”