Toll Brothers Announces Changes to Executive Team

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FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL) announced that Robert Parahus, 58, current Executive Vice President and Co-Chief Operating Officer, has been promoted to the position of President and Chief Operating Officer effective November 1, 2021. In this role, Parahus will oversee the Company’s homebuilding operations nationwide. James W. Boyd, 65, current Executive Vice President and Co-Chief Operating Officer, will retire at the end of December 2021 after 30 years with the Company.

Toll Brothers also announced the promotions of Karl Mistry, 41, and Seth J. Ring, 41, to the roles of Executive Vice President, jointly managing homebuilding operations and reporting directly to Parahus effective November 1, 2021. Mistry, who currently serves as Regional President, Mid-Atlantic, will be responsible for the Company’s operations in the East, which consist of its North, Mid-Atlantic and South regions, and Ring, who currently serves as Regional President, Pacific, will be responsible for the Company’s operations in the West, which consist of its Mountain and Pacific regions.

“[This week’s] announcement reflects the implementation of the management succession plan we put in place in 2019. I want to thank Rob and Jim for their incredible contributions as Co-COOs of Toll Brothers, and to extend my heartfelt congratulations to both of them – to Rob on his promotion to President and COO, and to Jim on his upcoming retirement,” said Douglas C. Yearley, Jr., Chairman and Chief Executive Officer of Toll Brothers. “Rob is one of just a handful of our current employees who joined Toll Brothers prior to our becoming a public company in 1986, and his seasoned leadership will continue to be an integral part of our operational success. Jim has worked at Toll Brothers for 30 years and in 2019 was inducted into the California Homebuilding Foundation Hall of Fame. As we have grown into a national homebuilder and Fortune 500 company, Jim has led our expansion into California and throughout the West and has prepared a new generation of leaders for the opportunities ahead.”

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“Karl and Seth have established proven track records of success in our industry. Having both joined Toll Brothers in 2004 as Assistant Project Managers, they have worked their way up to take on Regional President roles in 2019,” continued Yearley. “Karl and Seth are already key members of our Executive Strategy Committee, and I am excited that they will bring their strong leadership skills to their new expanded roles in the East and West, respectively.”

Rob 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, where he managed homebuilding operations for the New Jersey, New York, Connecticut, Massachusetts, and Florida markets. In addition, Parahus oversaw Toll Integrated Systems, the Company’s building component manufacturing operations, with five plants located in the eastern and mid-western United States. In 2019, Parahus was appointed Executive Vice President and Co-Chief Operating Officer, with overall responsibility for the Company’s eastern regions. In his new role as President and Chief Operating Officer, he will oversee all Toll Brothers homebuilding operations in 24 states and 50+ markets nationwide. Parahus holds a Bachelor of Science degree in Architectural Engineering from the Pennsylvania State University.

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Karl Mistry began his career at Toll Brothers in 2004 as an Assistant Project Manager in the Dallas division. In 2010, he moved to Houston to establish and grow the Company’s footprint there and was named Division President two years later. He was promoted to Group President, relocating to and overseeing operations in Virginia and Maryland in 2016. In 2019, Karl was named Regional President of the Mid-Atlantic region, where he oversaw the Company’s expansion into Atlanta and Nashville with the acquisitions of Sharp Homes and Thrive Residential. In his new role as Executive Vice President, Mistry will manage homebuilding operations in the East, including in Massachusetts, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Florida, Texas, Michigan and Illinois. Mistry holds a Bachelor of Science degree in Economics from Texas A&M University and a Master’s degree in Professional Studies, Real Estate Finance & Development from Cornell University.

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Seth Ring began his career at Toll Brothers in 2004 as an Assistant Project Manager in the Southern California division, taking on numerous roles with increasing responsibilities over the years. Ring was promoted to Division President of Southern California in 2014. He played a key role in the $1.6 billion acquisition and integration of California-based Shapell Homes, the largest acquisition in Toll Brothers’ history. He was named Group President overseeing operations across Northern and Southern California in 2016, and Regional President of the Pacific region in 2019. In his new role as Executive Vice President, Ring will manage homebuilding operations in the West, including Washington, Oregon, California, Idaho, Nevada, Arizona, Utah and Colorado. Ring holds a Bachelor of Arts degree in Urban Studies/Affairs with a focus on Architecture from Stanford University.

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