Toll Brothers, Inc. of Fort Washington announced today that Karl K. Mistry, Executive Vice President and a 22-year Toll Brothers veteran (above left), has been named the company’s Chief Executive Officer (CEO).

Toll Brothers’ chairman and current CEO, Douglas C. Yearley, Jr. (above right), will be transitioning to the role of Executive Chairman of the Board on March 30, 2026.

“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,” Scott D. Stowell, Lead Independent Director of Toll Brothers, said in a statement. “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.”

“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.”

“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.”

Mr. Yearley joined Toll Brothers in 1990 and has served as CEO since 2010 and Chairman of the Board since 2018. He was profiled by The Philadelphia Inquirer in February 2025.

Mr. Mistry joined Toll Brothers in 2004 as an Assistant Project Manager in the Company’s executive training program. He will earn a base salary of $1 million, according to The Philadelphia Business Journal, and could earn an additional $6.5 million through incentives.

In July 2025, Toll Brothers promoted Gregg Ziegler to succeed Marty Connor as CFO.

In June 2025, the company made the Fortune 500 list.

In April 2025, Bruce E. Toll, founder of Toll Brothers real estate company in Fort Washington and owner of BET Investments in Dresher, appeared for the first time on Forbes’ 2025 list of the world’s billionaires.

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