Toll Brothers, the luxury homebuilder based in Fort Washington, will have a new CEO this spring.
Karl K. Mistry, an executive vice president who has been with the company for 22 years, is set to be promoted to CEO effective March 30, Toll Brothers announced Wednesday. Mistry will succeed Douglas C. Yearley Jr., who will become executive chairman of the board.
Yearley has served as CEO since 2010, when he was given the reins by company cofounder Robert Toll during the financial crisis.
Mistry joined Toll Brothers in 2004 and went on to hold leadership positions in the Houston and Washington, D.C., markets. Since 2021, Mistry has managed the company’s homebuilding operations in 15 states in the Eastern U.S.
“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,” Yearley said in a statement. “With Karl at the helm partnering with our other seasoned leaders and operating teams, the company’s future is in excellent hands.”
Mistry is set to receive a base salary of $1 million, with annual cash bonuses of around $2.25 million, according to the company’s recent filing with the U.S. Securities and Exchange Commission.
Yearley, who was named one of Barron’s top 25 CEOs in 2024, made an annual base salary of $1.2 million, as well as nearly $8 million in cash incentives, according to SEC filings.
As executive board chair, Yearley’s base salary is set to remain at $1.2 million, according to the recent filing, and his total annual compensation is expected to be $6.6 million, including cash bonuses and long-term equity, starting in fiscal year 2027.
Toll Brothers was founded in 1967 by brothers Bob and Bruce Toll, who grew up in Elkins Park and were the sons of a homebuilder. Their company has since expanded, now building in more than 60 markets nationwide.
Toll Brothers recorded a record $10.8 billion in home sales revenue in fiscal year 2025, according to the company’s most recent earnings report. But the company was less profitable than in 2024, with net income at $1.35 billion, compared with $1.57 billion the prior year.
Last year, Toll Brothers “executed well in a choppy environment” that saw “soft demand across many markets,” Yearley said in a statement accompanying the report.
During that time, Toll Brothers sold more than 11,000 homes for $960,000 on average, according to the report. The company described its customer base in a recent news release as “first-time, move-up, active-adult, and second-home buyers.”
Leave a Reply