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FORT WASHINGTON, Pa., October 18, 2021 (GLOBE NEWSWIRE) – Toll Brothers, Inc. (NYSE: TOL) (tollbrothers.com), the nation’s leading luxury home builder, today announced that Scott D. Stowell has was elected to its Board of Directors effective November 1, 2021. In addition, 80-year-old Richard J. Braemer has informed the Company that he will not stand for re-election and that he will retire from the Board upon his annual meeting of shareholders in March 2022.
Mr. Stowell, 63, is President and CEO of Capital Thirteen LLC, a company he founded that specializes in advisory, real estate investing and angel investing. From 2015 to 2018, Mr. Stowell was Executive Chairman of CalAtlantic Group, Inc., the 5th largest home builder in the United States in 2017, and oversaw the CalAtlantic merger with Lennar Corporation. Mr. Stowell served on Lennar’s Board of Directors from 2018 to April 2021. From 2012 to 2015, he was Managing Director of Standard Pacific Homes, which he joined in 1986, and oversaw its 2015 merger with the Ryland group. , resulting in the creation of CalAtlantic. With over thirty years of experience in the residential construction industry, Mr. Stowell is recognized as one of the industry’s most distinguished leaders.
Mr. Stowell currently serves on the board of directors of Pacific Mutual Holding Company. He received his Bachelor of Arts in Organizational Communication from Brigham Young University and his Masters of Business Administration from the University of California at Irvine.
Douglas C. Yearley, Jr., President and CEO, said, “We are very pleased and delighted to welcome Scott to the Toll Brothers Board of Directors. He has extensive experience in building homes and is a proven executive and board executive who has created significant shareholder value. As we welcome Scott to our board, we will miss the wise advice and experience Richard Braemer has brought to our board since we became a public company in 1986. Along with Bob Toll, Richard is the longest-serving member of our board. We wish him all the best and are deeply grateful for his many years of distinguished service to Toll Brothers. “
Recognizing the importance of continuous board renewal, since March 2016, the company has added five new directors, including Mr. Stowell. These additions have deepened the diversity of the composition, thought and experience of the Council and brought new perspectives to its already numerous members. The Council expects to continue these efforts in the future.
ABOUT THE TOLL BROTHERS
Toll Brothers, Inc., a FORTUNE 500 company, is the nation’s leading builder of luxury homes. The Company was founded over 50 years ago in 1967 and became a public company in 1986. Its common shares are listed on the New York Stock Exchange under the symbol “TOL”. The company serves first-time home buyers, moving house, empty nest, active adult and second home buyers, as well as urban and suburban tenants. Toll Brothers built in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina , Tennessee, Texas, Utah, Virginia and Washington, as well as in the District of Columbia. The Company operates its own subsidiaries in architecture, engineering, mortgage, title, land development, golf course development, smart home technology and landscaping. The Company also operates its own lumber distribution, home component assembly and manufacturing businesses.
2021 marks the 10th year that Toll Brothers has been named to FORTUNE Magazine’s World’s Most Admired Companies list. Toll Brothers was also honored as Builder of the Year by Builder Magazine and is the first two-time Builder of the Year recipient by Professional Builder Magazine. For more information, visit TollBrothers.com.
Toll Brothers discloses information on its business and financial performance and other matters, and provides links to its securities filings, investor event notices, results and other press releases, in the Corporate Relations section. investors from its Investors.TollBrothers.com website.
This press release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate to matters of a strictly historical or factual nature and deal with or concern generally to future events. These statements contain words such as “anticipate”, “estimate”, “expect”, “project”, “intention”, “plan”, “believe”, “may”, “may”, “could”. “,” Could “,” could “,” should “,” probably “,” will “and other words or expressions with similar meanings. These statements may include, but are not limited to, information and statements regarding: the impact of Covid-19 on the US economy and our business; expectations about interest rates and inflation; the markets in which we operate or may operate; our strategic goals and priorities; our priorities for land acquisition, land development and capital allocation; housing market conditions; demand for our homes; expected operating results and directions; home deliveries; financial resources and conditions; changes in income; evolution of profitability; changes in margins; changes in accounting treatment; cost of income, including expected labor and material costs; Selling expenses, general and administrative expenses; interest charges; inventory write-downs; warranty and construction defect claims; unrecognized tax benefits; advance tax refunds; sales rhythms and prices; effects of cancellations from home buyers; growth and expansion; joint ventures in which we are involved; the expected results of our investments in non-consolidated entities; our ability to acquire or dispose of land and to seek real estate opportunities; our ability to gain approvals and open up new communities; our ability to market, build and sell homes and properties; our ability to deliver homes from the backlog; our ability to secure materials and subcontractors; our ability to generate the liquidity and capital necessary to conduct normal business operations or to grow and take advantage of opportunities; and the outcome of legal proceedings, investigations and complaints.
All or part of the forward-looking statements included in this press release are not guarantees of future performance and may prove to be inaccurate. This can happen as a result of incorrect assumptions or as a result of known or unknown risks and uncertainties. The main risks and uncertainties – and assumptions made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:
- the effects of the ongoing Covid-19 pandemic, which remain highly uncertain, cannot be predicted and will depend on future developments, including the duration of the pandemic, the impact of mitigation strategies taken by applicable government authorities, the continued availability and efficacy of adequate vaccines, tests and therapeutic treatments and the prevalence of generalized immunity to Covid-19;
- the effect of general economic conditions, including employment rates, housing starts, interest rates, the availability of mortgage financing and the strength of the US dollar;
- market demand for our products, which is related to the strength of the various US business segments and to US and international economic conditions;
- the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;
- access to adequate capital on acceptable terms;
- geographic focus of our operations;
- levels of competition;
- the price and availability of lumber, other raw materials, household components and labor;
- the effect of US trade policies, including the imposition of tariffs and duties on residential construction products and retaliatory measures taken by other countries;
- the effects of weather conditions and the risk of losses due to earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and risk of delays, reduced consumer demand, and shortages and increased prices of labor or materials associated with such natural disasters;
- the risk of loss resulting from acts of war, terrorism or epidemics of contagious diseases, such as Covid-19;
- federal and state tax policies;
- transport costs;
- the effect of land use, the environment and other government laws and regulations;
- legal proceedings or litigation and the adequacy of reserves;
- risks associated with unforeseen changes or effects on liabilities, future capital expenditures, income, expenses, profits, indebtedness, financial condition, losses and future prospects;
- the effect of the potential loss of key management personnel;
- changes in accounting principles;
- risks associated with unauthorized access to our computer systems, theft of our confidential information and that of our home buyers or other forms of cyber attack; and
- other factors described in “Risk Factors” included in our annual report on Form 10-K for the fiscal year ended October 31, 2020 and in subsequent filings that we file with the Securities and Exchange Commission (“SEC” ).
Many of the factors mentioned above or in other reports or public statements we make will be important in determining our future performance. Therefore, actual results may differ materially from those that could be anticipated from our forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information on the factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Position and results of operations ”in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided in accordance with 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.
CONTACT: Frederick N. Cooper (215) 938-8312