How luxury homebuilding giant Toll Brothers took the drama out of CEO succession

The announcement that Karl Mistry will become the next CEO of the luxury homebuilder Toll Brothers is more than a routine leadership change. It highlights a succession model at the Fortune 500 stalwart that’s built around continuity and internal development rather than episodic change. Mistry joined the company in 2004 as an assistant project manager through its executive training program and advanced steadily through operational roles. His appointment makes him only the third CEO in the company’s nearly ...