Toll Brothers (TOL) executive vice president Douglas Yearley, Jr. will assume the role of CEO, effective June 16. Yearley is a 20-year veteran of the luxury homebuilding firm. The company’s co-founder, and current CEO and chairman, Robert Toll, will step down from the CEO position, but remain executive chairman. In his new role, Yearley will also sit on the Toll Brothers board of directors. “The board has had extensive interactions with Doug over many years and we are fortunate to have such an experienced and talented home-grown leader to assume the CEO role,” the Toll Brothers board said in a statement. “We are confident that Doug's ongoing partnership with Bob Toll will ensure the continued record of excellence the company has established over the past 43 years." The 69-year-old Toll has led the company since its co-founding it with his brother, Bruce Toll, in 1967. “Doug has honed his skills in both weak and strong markets. He has run numerous home building and support divisions, spearheaded the firm's geographic expansion and entry into the urban high-rise market, and overseen major land and builder acquisitions, distressed asset purchases and numerous other corporate and home building functions,” Robert Toll said. “As our industry recovers from this unprecedented five-year housing recession, Toll Brothers is well-positioned for the challenges ahead. I am eager to lead our outstanding team as we prepare for the growth opportunities that lie before us,” Yearley said. Yearley’s career at Toll Brothers began in 1990 as a specialist in land acquisitions from financial institutions and the Resolution Trust Corporation. Later, he focused his energies on the company’s marketing and brand development group. Write to Austin Kilgore. The author held no relevant investments.