Toll Brothers Inc. co-founder Robert Toll is resigning as the board's executive chairman at the end of the homebuilder's fiscal year on Oct. 31.

The company appointed CEO and board member Douglas Yearley Jr. as its new chairman.

Toll will continue to serve as a board member and will act as a special adviser to Toll Brothers. The homebuilder said it will honor Toll with the chairman emeritus title, effective Nov. 1.