Bob Toll steps aside as firm’s CEO

by WOHe

May 17, 2010 – From the Associated Press – Robert Toll, co-founder of luxury home builder Toll Brothers Inc., will step aside as CEO in June, but continue as executive chairman.

Douglas Yearley Jr. was elected by the board of directors to succeed Toll as CEO, effective June 16.

The 70-year-old Toll said he was making the move now because he believes the worst of the housing downturn is over.

Yearly is a 20-year veteran of the company where he has managed the firm’s home building division, land, and builder acquisitions and led the company into the high-rise condo business. He said, “My job is to keep things going the way Bob did for decades. I don’t see a lot changing.”

Source: The Associated Press, Alex Veiga

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