Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation’s
leading builder of luxury homes, today announced that Richard T.
Hartman, president and chief operating officer, will retire from
the Company on December 31, 2019.
The Company also announced that, in conjunction
with Mr. Hartman’s retirement, James W. Boyd and Robert Parahus,
each currently Regional Presidents with over 30 years of experience
in the home building industry, will succeed Mr. Hartman on November
1, 2019. Mr. Boyd currently has oversight responsibility for
California, Nevada and Idaho and Mr. Parahus has similar
responsibility for New Jersey, New York, Connecticut, Massachusetts
and Florida, as well as Toll Integrated Systems, the Company’s
building component manufacturing operations. In their new roles,
Mr. Boyd will have responsibility for the Company’s western region
and Mr. Parahus its eastern region. They will serve as
Executive Vice Presidents and Co-Chief Operating Officers.
Responsibility for the roles previously held by Mr. Boyd and Mr.
Parahus will be assumed by regional presidents within the Company’s
management team.
“Since joining Toll Brothers nearly 40 years
ago, Rick has been integral to advancing the growth of the Company
from a local builder to a national Fortune 500 Company and has been
an invaluable mentor to generations of current leaders,” said
Douglas C. Yearley, Jr., the Company’s Chairman and Chief Executive
Officer. “His contributions have laid the cornerstone for our
success and will have a lasting impact. We wish Rick all the best
in his retirement.” Mr. Yearley continued, “As we say good-bye to
Rick, we are excited to have Jim Boyd and Rob Parahus step into the
roles of co-COOs. Each brings decades of experience and proven
track records of success managing through multiple cycles at Toll
Brothers.”
Mr. Boyd has over 36 years of experience in the
homebuilding industry. After running his own homebuilding company,
he joined Toll Brothers in 1993 to oversee the Company’s entry into
the California market. He was appointed Regional President in
2005. His involvement in the industry includes membership on the
California Building Industry Association’s Board of Directors and
Executive Committee. Mr. Boyd holds a Bachelor of Arts from Yale
University and a Law Degree from the University of
Pennsylvania. He was recently inducted into the California
Homebuilding Foundation Hall of Fame.
Mr. Parahus began his career with Toll Brothers
in 1986. In 1992 and 1993, he led Toll Brothers’ expansion into
Connecticut and New York. He was appointed Regional President in
2006. In addition to his oversight responsibility for homebuilding
operations in various eastern markets, he oversees Toll Integrated
Systems, the Company’s building component manufacturing operations,
with five plants located in the eastern United States. Mr. Parahus
holds a Bachelor of Sciences degree in Architectural Engineering
from the Pennsylvania State University.
Toll Brothers, Inc., A FORTUNE 500 Company, is
the nation's leading builder of luxury homes. The Company began
business over fifty years ago in 1967 and became a public company
in 1986. Its common stock is listed on the New York Stock Exchange
under the symbol “TOL.” The Company serves move-up, empty-nester,
active-adult, and second-home buyers, as well as urban and suburban
renters. It operates in 23 states: Arizona, California, Colorado,
Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland,
Massachusetts, Michigan, Nevada, New Jersey, New York, North
Carolina, Oregon, Pennsylvania, South Carolina, Texas, Utah,
Virginia, and Washington, as well as in the District of
Columbia.
Toll Brothers builds an array of luxury
residential single-family detached, attached home, master planned
resort-style golf, and urban low-, mid-, and high-rise communities,
principally on land it develops and improves. The Company acquires
and develops rental apartment and commercial properties through
Toll Brothers Apartment Living, Toll Brothers Campus Living, and
the affiliated Toll Brothers Realty Trust, and develops urban low-,
mid-, and high-rise for-sale condominiums through Toll Brothers
City Living. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf
course development and management, and landscape
subsidiaries. Toll Brothers also operates its own security
company, TBI Smart Home Solutions, which also provides homeowners
with home automation and technology options. The Company also
operates its own lumber distribution, house component assembly, and
manufacturing operations. Through its Gibraltar Real Estate Capital
joint venture, the Company provides builders and developers with
land banking, non-recourse debt and equity capital.
In 2019, Toll Brothers was named World’s Most
Admired Home Building Company in Fortune magazine’s survey of the
World’s Most Admired Companies, the fifth year in a row it has been
so honored. Toll Brothers has won numerous other awards, including
Builder of the Year from both Professional Builder magazine and
Builder magazine, the first two-time recipient from Builder
magazine. For more information, visit www.tollbrothers.com
Toll Brothers discloses information about its
business and financial performance and other matters, and provides
links to its securities filings, notices of investor events, and
earnings and other news releases, on the Investor Relations section
of its website (investors.tollbrothers.com).
Forward-Looking StatementsThis
release contains or may contain forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Exchange Act. One can identify these statements by the
fact that they do not relate to matters of a strictly historical or
factual nature and generally discuss or relate to future
events. These statements contain words such as “anticipate,”
“estimate,” “expect,” “project,” “intend,” “plan,” “believe,”
“may,” “can,” “could,” “might,” “should” and other words or phrases
of similar meaning. Such statements may include, but are not
limited to, information related to market conditions; demand for
our homes; anticipated operating results; home deliveries;
financial resources and condition; changes in revenues; changes in
profitability; changes in margins; changes in accounting treatment;
cost of revenues; selling, general and administrative expenses;
interest expense; inventory write-downs; home warranty and
construction defect claims; unrecognized tax benefits; anticipated
tax refunds; sales paces and prices; effects of home buyer
cancellations; growth and expansion; joint ventures in which we are
involved; anticipated results from our investments in
unconsolidated entities; the ability to acquire land and pursue
real estate opportunities; the ability to gain approvals and open
new communities; the ability to sell homes and properties; the
ability to deliver homes from backlog; the ability to secure
materials and subcontractors; the ability to produce the liquidity
and capital necessary to expand and take advantage of
opportunities; and legal proceedings, investigations and
claims.
Any or all of the forward-looking statements
included in our reports or public statements made by us are not
guarantees of future performance and may turn out to be inaccurate.
This can occur as a result of incorrect assumptions or as a
consequence of known or unknown risks and uncertainties. Many
factors mentioned in our reports or public statements made by us,
such as market conditions, government regulation, and the
competitive environment, will be important in determining our
future performance. Consequently, actual results may differ
materially from those that might be anticipated from our
forward-looking statements.
The factors that could cause actual results to
differ from those expressed or implied by our forward-looking
statements include, among others: demand fluctuations in the
housing industry; adverse changes in economic conditions in markets
where we conduct our operations and where prospective purchasers of
our homes live; increases in cancellations of existing agreements
of sale; the competitive environment in which we operate; changes
in interest rates or our credit ratings; the availability of
capital; uncertainties in the capital and securities markets; the
ability of customers to obtain financing for the purchase of homes;
the availability and cost of land for future growth; the ability of
the participants in various joint ventures to honor their
commitments; effects of governmental legislation and regulation;
effects of increased taxes or governmental fees; weather
conditions; the availability and cost of labor and building and
construction materials; the cost of raw materials; the outcome of
various product liability claims, litigation and warranty claims;
the effect of the loss of key management personnel; changes in tax
laws and their interpretation; construction delays; and the
seasonal nature of our business. For a more detailed
discussion of these factors, see the risk factors in the
information under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our most recent periodic reports filed on Forms 10-K
and 10-Q with the SEC.
From time to time, forward-looking statements
also are included in our periodic reports on Forms 10-K, 10-Q and
8-K, in press releases, in presentations, on our website and in
other materials released to the public.
This discussion is provided as permitted by the
Private Securities Litigation Reform Act of 1995, and all of our
forward-looking statements are expressly qualified in their
entirety by the cautionary statements contained or referenced in
this section.
Forward-looking statements speak only as of the
date they are made. We undertake no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT: Frederick N. Cooper (215)
938-8312fcooper@tollbrothers.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5c2714ea-c600-4306-9328-e9e229a98d55
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