Toll Brothers (TOL) chief executive Bob Toll announced his resignation late Monday from the homebuilding firm he co-founded.
Toll will be replaced internally by executive vice president Douglas Yearley Jr. Company officials told Reuters that the ascension of Yearley does not signal a shift in company strategy.
Yearley, 50, started at Toll Brothers in 1990.
Bob Toll, 69, founded the company, best known for construction of large, suburban "McMansions" in 1967 along with his brother Bruce. Bob Toll has served as CEO since then. He will remain an active member of the board of directors.
Tuesday, Monness, Crespi, Hardt raised its rating on Toll to buy from neutral. Shares of the company rose more than 2.3% in Tuesday trading.