H
oward Lorber is stepping down as chairman and CEO of Douglas Elliman, ending a 20-year tenure at the top. Michael Liebowitz will take over immediately, according to an announcement by the company. The change comes after Lorber led the firm through its debut as a solo public company in 2021 and its sale to JT Group for $2.4 billion in August. Despite his success, Lorber faced opposition from some shareholders due to the company's financial struggles, including a share price that has fallen over 85% since going public.

    Lorber's resignation was not due to any disagreement with the company, according to a filing with the Securities and Exchange Commission. Liebowitz, who has been on Elliman's board since 2021, is currently redeveloping the Mondrian Hotel in South Beach and serves as chairman and CEO of Nocopi Technologies. He expressed enthusiasm for leading the company into its next chapter, stating that Douglas Elliman's "brightest days are ahead."