Toll Brothers announced on Wednesday that Karl Mistry will be the company’s next CEO, replacing Doug Yearley, who will transition to the role of Executive Chairman of the Board on March 30.
Mistry will take the helm at a time when Toll Brothers is leaning on its resilient, high-income buyers to navigate homebuilding’s headwinds.
He currently serves as Executive Vice President and oversees the company’s Eastern operations across 15 states. He joined Toll Brothers 22 years ago after graduating with a Master’s degree in Real Estate Finance and Development from Cornell University, initially working as an Assistant Project Manager in Toll Brothers’ executive training program.
[Incidentally, both Yearley and Toll Brothers co-founder Robert I. Toll received degrees as undergraduates from Cornell].
Mistry later worked his way up to Division President for the Houston Division in 2012 and Group President overseeing homebuilding operations in the Washington, D.C. Metro in 2016. He was later promoted to Regional President of the Mid-Atlantic region in 2019 and assumed the Executive Vice President position two years later.
Yearley started with Toll Brothers more than 35 years ago and has served as CEO since 2010 and Chairman of the Board since 2018. In his new role as Executive Chairman of the Board, Yearley will continue to work on the company’s strategic initiatives.
Mistry will guide a leading luxury homebuilder
Pennsylvania-based Toll Brothers has the highest average sale price — $972,000 as of Q4 2025 — of any public homebuilder nationally, and is using this to their advantage. As the entry-level buyer segment sours, Toll Brothers is leaning on its high-income buyers, who are less affected by affordability constraints and economic uncertainty.
Over 70% of Toll Brothers’ business serves move-up and empty-nester segments, with the remainder focused on affluent, older first-time buyers, many of whom pay all-cash to purchase their “dream home.”
The builder’s emphasis on its luxury market positioning among other high-volume homebuilders enables the company to compete in traditionally difficult markets. In an earnings call in December, Yearley cited coastal California and the I-95 corridor from Washington, DC area up to Boston as regions of strength. According to Yearley, the builder is uniquely suited to excel in those tough-to-entitle, high-cost markets by offering alternatives to custom and semi-custom home construction.
Toll Brothers also expects to finalize the sale of Toll Brothers Apartment Living to Kennedy Wilson Holdings this quarter. Toll Brothers executives indicate that the builder will exit the multifamily business entirely within a few years, signaling a shift back to its roots as a pure-play homebuilder.
The builder, with a market cap of $12.89 million, operates in 19 states and 50 markets nationwide.
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