Homebuilder Toll Brothers (TOL) announced the promotion of Richard Hartman to the position of president and chief operating officer. Formerly, Hartman held the position of executive vice president and COO since January 2012.

“Rick’s leadership has been crucial as we have positioned the company to prosper as the market improves,” said Douglas Yearley, chief executive officer of Toll Brothers. “His understanding of all facets of our business provides an invaluable perspective as we expand our presence across our suburban and urban platforms serving the widest variety of luxury buyers in the industry.”

Hartman began working with Toll Brothers in 1980, working his way up via various senior positions in the areas of operations and purchasing.

In 1994, Hartman was named vice president of operations, promoted to senior vice president in 2002 and became regional president in 2005.

“We congratulate Rick on his promotion to President. It is very well deserved. During his thirty-two years at Toll Brothers, Rick has exemplified everything Toll Brothers is about — loyalty, integrity, passion for the business, a tremendous work ethic, and most of all, friendship,” added Robert Toll, executive chairman of Toll Brothers.