Toll Brothers (TOL) Appoints Scott D. Stowell to its Board

Toll Brothers, Inc. (NYSE: TOL) the nation’s leading builder of luxury homes, today announced that Scott D. Stowell has been elected to its Board of Directors effective November 1, 2021. In addition, Richard J. Braemer, age 80, has informed the Company that he will not stand for re-election and will step down from the Board at its annual meeting of stockholders in March 2022.

Mr. Stowell, age 63, is the president and chief executive officer of Capital Thirteen LLC, a company he founded that specializes in advisory, real estate investment, and angel investing. From 2015 to 2018, Mr. Stowell served as executive chairman of CalAtlantic Group, Inc., the 5th largest U.S. home builder in 2017, and oversaw the merger of CalAtlantic with Lennar Corporation. Mr. Stowell served on the board of directors of Lennar from 2018 until April of 2021. From 2012 to 2015, he served as chief executive officer of Standard Pacific Homes, which he joined in 1986, and oversaw its merger in 2015 with the Ryland Group, resulting in the creation of CalAtlantic. With over thirty years in the home building sector, 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 master’s in business administration from the University of California, Irvine.

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “We are very pleased and excited to welcome Scott to the Toll Brothers Board of Directors. He has a wealth of home building experience and is a proven boardroom leader and executive who has created significant value for shareholders. As we welcome Scott to our Board, we will miss the thoughtful guidance and experience that Richard Braemer has contributed 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 appreciative of his many years of distinguished service to Toll Brothers.”

Recognizing the importance of continued Board refreshment, since March 2016, the Company has added five new directors, including Mr. Stowell. These additions have deepened the diversity of the Board's composition, thought and experience, and brought fresh perspectives to its already strong membership. The Board expects to continue these efforts in the future.

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