Howard Lorber Retires as Douglas Elliman CEO

Howard Lorber has stepped down as CEO, President, and Chairman of Douglas Elliman, marking a significant leadership change at the brokerage he helped elevate since 2003. His retirement, effective immediately, follows a period of scrutiny related to financial losses and allegations against former agents, leading to a decline in the company's market value from over $900 million to around $130 million. Michael Liebowitz, a board director since 2021, has been appointed as his successor, expressing confidence in the company's future despite recent challenges. Lorber's departure was not attributed to any disagreements over company operations, but shareholders had previously called for more transparency regarding the handling of sexual assault claims against former agents. The leadership change comes at a pivotal moment as the firm seeks to revitalize its brand and operations in a competitive real estate market. Liebowitz aims to build on the company's legacy while navigating its next chapter of growth.