DOW JONES NEWSWIRES
Toll Brothers Inc.'s (TOL) longtime Chief Financial Officer Joel H. Rassman has died, the luxury homebuilder disclosed Tuesday.
In late 2008, the company disclosed that Rassman, who served as CFO since 1984 and was a member of the board since 1996, had been diagnosed with leukemia. At the time, Toll Brothers said Rassman would continue to maintain his positions and perform his duties with the company.
On Tuesday, Toll Brothers didn't disclose any details about Rassman's death.
Rassman was named Institutional Investor's Homebuilding CFO of the Year every year from 2006 through 2010. He helped guide the company through three bank consortiums and six renewals, as well as ten public subordinated debt and three equity offerings. Rassman was also instrumental in the reorganization of the company when it launched its initial public offering in 1986.
"We are heartbroken that Joel has left us," said Chairman Robert I. Toll in a statement. "For three decades he has been a friend, counselor and advisor to all of us both professionally and personally."
Toll added the company's "thoughts and prayers are with his family at this very difficult time."
Last month, Toll Brothers posted a surprise fiscal third-quarter profit, its first in nearly three years, as revenue fell far less than analysts expected even as the company saw a drop in contract signings at a time of fewer available communities.
-By John Kell, Dow Jones Newswires; 212-416-2480; firstname.lastname@example.org