Toll Brothers, the prominent American luxury homebuilder, has confirmed a change at the top of its leadership team. Douglas C. Yearley Jr. is set to move into the role of Executive Chairman on 30 March 2026. Karl K. Mistry, who currently serves as Executive Vice President, will take over as Chief Executive Officer.

Mistry has been with the firm for 22 years and will also join the Board of Directors as part of the transition. The company stated that this move is the result of a planned succession process. Yearley will stay involved with the business to manage strategic projects and help Mistry settle into the new role.

“Having joined Toll Brothers in 1990 and in his position as CEO since 2010, Doug Yearley has expertly led the Company through a significant period of growth and value creation, and we are grateful for his leadership,” said Scott D. Stowell, Lead Independent Director of Toll Brothers. “The Board is also pleased to announce Karl Mistry will lead Toll Brothers as the Company’s next Chief Executive Officer. This succession plan demonstrates both the deep talent bench at Toll Brothers, as well as the thoughtful process that has guided this leadership transition, including Doug continuing as Executive Chairman.”

Yearley started at Toll Brothers in 1990 and became CEO in 2010. During his time in charge, the firm expanded into 60 markets across 24 states. He has been credited with widening the brand’s reach across various price points and luxury products.

“It has been an honor to serve as Chief Executive Officer of Toll Brothers,” said Mr. 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 spoke highly of his successor, noting that Mistry has managed homebuilding divisions in both thriving and difficult markets. Mistry most recently looked after Eastern operations covering 15 states. He originally joined the company in 2004 through an executive training scheme.

“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. Karl has honed his skills in both strong markets and challenging ones. He has run numerous homebuilding divisions and has overseen our expansion into several major markets. Most recently, he has had responsibility for our Eastern operations across 15 states. 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,” Yearley added.

Mistry holds degrees from Texas A&M University and Cornell University. He will become only the third person to lead the company since it was founded nearly 60 years ago.

“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,” said Mr. 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.”