HORSHAM, Pa., Jan. 8, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today announced the promotion of Richard T. Hartman to the position of President and Chief Operating Officer. Hartman, 56, was promoted to Executive Vice President and Chief Operating Officer in January 2012.
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Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "Rick's leadership has been crucial as we have positioned the Company to prosper as the market improves. 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."
Robert I. Toll, Toll Brothers' executive chairman, stated: "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."
Rick Hartman began his career with Toll Brothers in 1980 and rose to increasingly senior positions in the areas of operations and purchasing including as Vice-President Operations with multi-market responsibilities in 1994.
In 2002, Rick was promoted to Senior Vice President before being named Regional President in 2005. As Regional President, Rick managed home building operations across multiple markets in Toll's Western, Northeast and Mid-Atlantic regions with peak revenues of over $1 billion per year. Rick was instrumental in launching Toll Brothers' Active Adult product line and leading Toll's entry into the New York City market with the introduction of the Toll City Living brand there.
Rick received a Bachelor of Science degree in Construction Management from Spring Garden College in 1979.
Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington.
Toll Brothers builds an array of luxury residential communities, principally on land it develops and improves: single-family detached and attached home communities, master planned resort-style golf communities, and urban low-, mid- and high-rise communities. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. The Company acquires and develops commercial properties through Toll Commercial and its affiliate, Toll Brothers Realty Trust, and purchases distressed loan and real estate asset portfolios through its wholly owned subsidiary, Gibraltar Capital and Asset Management.
Toll Brothers is honored to have won the three most coveted awards in the homebuilding industry: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award and Builder of the Year. Toll Brothers was awarded Builder of the Year for 2012 and is the only two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com
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Source:Toll Brothers, Inc.