S
cott Durkin, CEO of Douglas Elliman Realty, was abruptly terminated on October 25, just days after the company's parent firm announced its longtime CEO Howard Lorber's retirement. The news comes as part of a larger leadership shakeup at the New York-based real estate brokerage.
Key points:
* Lorber stepped down on October 21, citing his immediate retirement.
* Durkin was "terminated, effective immediately" by Douglas Elliman in an SEC filing.
* Richard Ferrari, head of sales and operations for the Northeast territory, will take over as CEO of Douglas Elliman Realty.
The leadership changes at Douglas Elliman appear to have pleased investors, with the company's stock price improving nearly 35% in the last five days. However, the share price remains down over 32% year-to-date and more than 82% over the last five years alongside declining revenue.
