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ouglas Elliman, a leading luxury real estate brokerage firm, has been rocked by scandal. New CEO Michael Liebowitz is working to restore the company's reputation and improve its financial performance. In an interview, Liebowitz described his relationship with former CEO Howard Lorber as close, but also emphasized their differing leadership styles. While Lorber was more focused on networking and deal-making, Liebowitz prioritizes operational efficiency and financial management.

    Lorber stepped down in October following allegations of rape, drugging, and sexual assault against two top agents at the firm. The company's reputation suffered further when it emerged that Lorber had consensual relationships with two brokers during an internal investigation. An attorney for Lorber disputed claims that he enabled a culture of blurred professional boundaries and accountability.

    Liebowitz has promised to cut costs and diversify revenue streams, while also building a more inclusive management style. He plans to create a 15-person "agent board of directors" to involve top brokers in major decision-making. Despite some high-profile agent departures, Liebowitz claims that broker retention remains strong and developers are eager to work with the firm.

    Liebowitz has already made significant changes in the company's C-suite, including the departure of Scott Durkin and David Ballard. While rumors of further dismissals have circulated, Liebowitz maintains that these changes have been positive. Some investors, like activist shareholder Brad Tirpak, are optimistic about Liebowitz's ability to turn the company around.

    Douglas Elliman has faced financial challenges in recent years, including annual operating losses in 2022 and 2023. Its stock price has declined by 84% since its public offering. However, Liebowitz is confident that he can restore the company's fortunes through cost-cutting and strategic growth initiatives.