Lorber had served as chairman since 2003 however within the months main as much as his retirement confronted scrutiny following a sample of monetary losses and the Alexander brothers scandal.
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Lengthy-time Douglas Elliman government Howard Lorber has retired from his positions as the corporate’s president, CEO and Chairman of the Board, the New York Metropolis-based agency introduced on Tuesday.
Lorber, who can also be president and CEO Of Vector Group Ltd., the previous father or mother firm of Douglas Elliman, had served as a md on the luxurious brokerage since 2003.
In tandem with the announcement about Lorber’s retirement, Elliman introduced that the agency’s board director, Michael Liebowitz, had been appointed the brand new chairman and CEO of Douglas Elliman.
A press assertion from Douglas Elliman mentioned the agency “extends its deepest appreciation to Mr. Lorber for his strategic vision and years of dedication and hard work that have made Douglas Elliman the country’s premier real estate brokerage firm, setting new standards in luxury service and innovation.”
A public relations consultant from Douglas Elliman declined to remark additional on the management modifications.
Liebowitz mentioned within the press launch that he was “honored” to be bringing the “iconic brand” into its subsequent chapter.
“With a strong balance sheet, robust pipeline of projects in our Development Marketing business, and the competitive advantages provided by our dedicated team of world-class agents, I am confident that Douglas Elliman’s brightest days are ahead,” Liebowitz mentioned in a press release. “We look forward to continue executing on our strategic vision, building on the Company’s industry-leading position and maximizing shareholder value.”
Liebowitz has vital expertise in founding and monetizing companies within the insurance coverage and finance fields, in response to Elliman’s press launch. He’s at the moment additionally chairman and CEO of Nocopi Applied sciences Inc., a U.S.-based producer of printing ink.
In terms of actual property, certainly one of Liebowitz’s present endeavors consists of the redevelopment of the Mondrian South Seashore Resort in Miami, Florida, which he has owned since 2019.
Previous to Tuesday’s announcement, Lorber had come below scrutiny in latest months by a few of Elliman’s extra vocal traders, who believed he was not managing the agency’s funds appropriately, because the brokerage continued to see a stretch of losses in quarterly earnings.
Shareholder Bradley Tirpak additionally questioned why Lorber had acquired the very best award doable throughout his annual bonus below the Range, Fairness and Inclusion class when it had not too long ago come to mild that long-time Elliman brokers Oren and Tal Alexander had been accused by a number of girls of sexual assault — an allegation that one Elliman agent, Jessica Cohen, claimed she had informed Lorber about in confidence in 2012.
Elliman has asserted that no formal HR grievance was filed in opposition to the Alexander brothers throughout their roughly 10-year tenure on the brokerage.
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