H
oward Lorber's nearly two-decade tenure as CEO and chairman of Douglas Elliman came to an abrupt end on Tuesday, with the company announcing his retirement effective immediately. The 76-year-old executive is leaving amidst a perfect storm of financial woes, shareholder pressure, and allegations that former top brokers Tal and Oren Alexander drugged and sexually assaulted women during their time at the firm.

    Lorber's departure marks the most significant leadership shakeup since Dottie Herman stepped down three years ago. The company declined to disclose the reason for Lorber's retirement, citing a Securities and Exchange Commission filing that ruled out any clash between him and the board. Elliman notified the SEC and issued a press release about Lorber's retirement at 5 p.m. on Tuesday, followed by an email to agents and employees half an hour later.

    Incoming CEO Steven Liebowitz, who has served on the board since 2021, will lead the company into its next chapter. Liebowitz has a background in corporate leadership, having previously led printing ink company Nocopi Technologies and insurance advisory firm Harbor Group. He is tasked with steering Elliman back to profitability after two years of cost-cutting and failing to turn a profit or break even.

    Elliman's stock price has plummeted since its debut, dipping as low as $1, and the company took out a $50 million loan with asset manager Kennedy Lewis. Shareholders have been critical of Lorber's compensation package, which totaled around $4.7 million. Liebowitz, who bought nearly 200,000 shares in Elliman earlier this summer, will now lead the company as it navigates its financial struggles and mounting scrutiny.