Derek T. Kan Named to Toll Brothers’ Board of Directors

Rhea-AI Summary

Toll Brothers, Inc. (NYSE:TOL) has announced that Derek T. Kan has joined its Board of Directors. Kan, aged 43, brings extensive experience from both the private sector and federal government, including roles as Deputy Director of the White House Office of Management and Budget and Under Secretary at the U.S. Department of Transportation. CEO Douglas C. Yearley, Jr. expressed excitement about Kan's insights into technology and innovation, emphasizing that recent board additions enhance diversity and strengthen the company's leadership as it pursues growth strategies.

Positive

• Derek T. Kan's diverse experience in government and technology is expected to enhance strategic decision-making.
• Recent board additions improve diversity, bringing fresh perspectives to Toll Brothers' leadership.

Negative

• Concerns about continuity may arise due to the influx of new board members with varying backgrounds.

FORT WASHINGTON, Pa., Dec. 14, 2021 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (tollbrothers.com), the nation’s leading builder of luxury homes, today announced that Derek T. Kan has joined the Company’s Board of Directors. Mr. Kan, age 43, currently leads business operations and strategy for Deliverr Inc., a startup focused on e-commerce fulfillment. Previously, he held a number of high-level positions in the Federal government, including as Deputy Director of the White House Office of Management and Budget and as Under Secretary at the U.S. Department of Transportation, where he served as a principal advisor to the Secretary and spearheaded initiatives involving technology and innovation in the transportation sector. He has also been announced as a nominee to serve on the bipartisan United States Postal Service Board of Governors. Prior to his recent public service, Mr. Kan held various positions focused on emerging technologies, including as the General Manager for Lyft and Director of Strategy for GenapSys, a technology company focused on advancing genomic sequencing research. Earlier in his career, Mr. Kan was a policy advisor to the former Senate Majority Leader and was a Presidential Management Fellow at the White House Office of Management and Budget. Mr. Kan currently serves as a Board Advisor for Oaktree Capital on the board of directors of Rand Logistics, and previously served as a member of the board of directors of Amtrak from January 2016 through July 2019. Mr. Kan received a B.S. degree from the University of Southern California, an M.Sc. from the London School of Economics, and an M.B.A. from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar.

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “We are very excited to welcome Derek to the Toll Brothers Board of Directors. His extensive experience at the highest levels of government and his understanding of how new technologies and innovative solutions are implemented at various organizations will prove to be valuable assets for our Board. With the recent additions to our Board, including six new members since March 2016, we have greatly expanded the diversity of perspectives, skills and backgrounds that are represented on our Board. Combined with our existing directors’ deep experience and knowledge of the company and homebuilding industry, our Board is well positioned to continue leading Toll Brothers as we execute on our growth strategies.”

About 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 stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds 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 architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

2021 marks the 10th year Toll Brothers has been named to FORTUNE magazine’s World’s Most Admired Companies® list. Toll Brothers has also been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit TollBrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).

Forward-Looking Statement

This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: the impact of Covid-19 on the U.S. economy and our business; expectations regarding interest rates and inflation; the markets in which we operate or may operate; our strategic objectives and priorities; our land acquisition, land development and capital allocation priorities; housing market conditions; demand for our homes; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are 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 upon future developments, including the duration of the pandemic, the impact of mitigation strategies taken by applicable government authorities, the continued availability and effectiveness of vaccines, adequate testing and therapeutic treatments and the prevalence of widespread immunity to Covid-19;
• the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar;
• market demand for our products, which is related to the strength of the various U.S. business segments and U.S. 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 concentration of our operations;
• levels of competition;
• the price and availability of lumber, other raw materials, home components and labor;
• the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;
• the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;
• the risk of loss from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;
• federal and state tax policies;
• transportation costs;
• the effect of land use, environment and other governmental laws and regulations;
• legal proceedings or disputes and the adequacy of reserves;
• risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;
• the effect of potential loss of key management personnel;  
• changes in accounting principles;
• risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and
• other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2020 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).

Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition 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 as permitted by 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
fcooper@tollbrothers.com

FAQ

What is the significance of Derek T. Kan joining Toll Brothers' Board of Directors?

Derek T. Kan's experience in government and technology is expected to provide valuable insights for Toll Brothers' growth strategies.

How many new board members has Toll Brothers added recently?

Toll Brothers has added six new board members since March 2016.

What roles has Derek T. Kan held prior to joining the Toll Brothers Board?

Kan previously served as Deputy Director of the White House Office of Management and Budget and Under Secretary at the U.S. Department of Transportation.

What are the expectations for Toll Brothers following these board changes?

The company anticipates stronger leadership and enhanced strategic direction as they execute growth initiatives.