New president for Toll Brothers

US house builder Toll Brothers has promoted Richard Hartman to president of the group. Mr Hartman, who has been executive vice president and COO since January 2012, will retain the position of COO. He succeeds Zvi Barzilay, who retired as president and COO at the end of 2011.

Mr Hartman has worked at Toll Brothers for 32 years. He rose to increasingly senior positions in the company, and was named regional president in 2005.

Toll Brothers CEO Douglas Yearley Jr said, "Rick's leadership has been crucial as we have positioned the company to prosper as the market improves. His understanding of all facets of our business provides an invaluable perspective as we expand our presence across our suburban and urban platforms serving the widest variety of luxury buyers in the industry."