Toll Brothers Elects Douglas Yearley as New CEO with Wires

Luxury homebuilder Toll Brothers says its board of directors has elected a new chief executive, and that outgoing CEO Robert Toll will remain as executive chairman.

George Widman

The company , based in Horsham, Pa., said Monday the board elected Douglas Yearley Jr. to the CEO post, effective June 16.

"First thing we’re going to do is take advantage of the balance sheet and all the cash we have and go out and find a lot of distressed deals," Yearley told CNBC Monday. "And then we’re going to regrow the company through the employee base and focus on ways to become more profitable."

Yearley said homebuyers are "feeling a lot better" about buying a new home compared to a year or two ago as economic conditions continue to improve.

"For most markets, prices have definitely bottomed, and we’re lucky to be raising prices through reducing incentives in a number of our markets," he said. "There are still isolated areas that are struggling and may not have hit bottom, but almost all the markets are certainly improving."

Meanwhile, Toll said that he sees a "much better" housing market than 3 to 4 months ago.

"We are pleasantly surprised as this market continues to get better and better," he said. "There are some good opportunities out there right now.”

Yearley has been the builder's executive vice president and is a 20-year veteran of the company.

Toll has held the CEO and chairman jobs since the company was founded in 1967.

—AP contributed to this story.