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cott Durkin has stepped down as CEO of Douglas Elliman's brokerage segment, effective immediately. The move comes just days after longtime CEO and chairman Howard Lorber retired from his post. Michael Liebowitz, the newly appointed chairman and CEO of Douglas Elliman Inc., attributed Durkin's departure to a desire to pursue new opportunities.

    Richard Ferrari, president and CEO of New York and the Northeast, has taken over as head of the brokerage division. This executive shuffle is part of a broader shake-up at the company following Lorber's retirement. The board of directors had reportedly urged Lorber to step down due to concerns about the firm's workplace culture.

    Durkin's tenure was marked by two years of losses and a declining stock price, as the company struggled with high mortgage rates and low inventory in the housing market. In an effort to cut costs, Elliman has implemented various cost-saving measures, including layoffs, reduced corporate sponsorships, and terminated office leases.

    As CEO, Durkin's bonus was significantly reduced last year, from $500,000 to $250,000. He had previously served as president of the brokerage and led its national expansion before being appointed CEO three years ago.