L
ongtime CEO Howard Lorber has announced his retirement from luxury brokerage Douglas Elliman, ending a 20-year tenure as an executive leader. Michael Liebowitz, a board member since 2021, will take over as CEO and Chairman. The transition comes amidst scrutiny over the company's handling of a sexual assault scandal and declining stock prices.

    Douglas Elliman praised Lorber for his strategic vision and dedication, but also highlighted Liebowitz's professional track record in finance, insurance, and real estate. In an SEC filing, the company stated that Lorber's resignation was not due to any disagreement over operations or practices.

    Liebowitz brings a wealth of experience to the role, having founded and acquired multiple businesses and currently redeveloping a hotel in Miami. He aims to tap into the company's development pipeline to drive growth and maximize shareholder value. However, Douglas Elliman faces significant challenges, including a 44% year-to-date decline in stock price and ongoing class action lawsuits.

    The company has also faced criticism over its handling of sexual assault claims against star brokers Oren and Tal Alexander, with upwards of 30 victims coming forward with allegations. A $17.75 million settlement to resolve cases brought by home sellers has further impacted the company's profits.