Douglas Elliman is undergoing significant changes in its leadership team. In a document filed with the Securities and Exchange Commission (SEC) on Friday, the firm announced the abrupt termination of Douglas Elliman Realty CEO Scott Durkin, as first reported by The New York Times.
According to the filing, Durkin was “terminated, effectively immediately.”
Shortly after Durkin’s departure, parent company CEO Howard Lorber announced his retirement. Michael Liebowitz, a firm’s board director, was appointed as the new chairman and CEO.
Durkin had joined Douglas Elliman in 2015, rising to the positions of chief operating officer in 2016 and president in 2017. He was appointed CEO in 2021 by Lorber and Dottie Herman, Elliman’s previous CEO.
The New York Times revealed that Richard Ferrari, who previously oversaw Douglas Elliman’s brokerage sales and operations in New York and the Northeast, has now been appointed as CEO of Douglas Elliman Realty.
The firm has faced criticism from investors in recent months, citing concerns about financial mismanagement leading to continued losses in quarterly earnings. The company’s value has plummeted from approximately $900 million to $130 million since 2021, as reported by the Times.
Moreover, Douglas Elliman and its leadership have been under scrutiny for the alleged mishandling of sexual assault complaints against former agents Oren and Tal Alexander.
The Alexanders’ firm, Official Partners, is currently partnered with Side and is embroiled in a lawsuit filed by Side over an alleged breach of contract.
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