Scott Durkin, president and CEO of Douglas Elliman Real Estate and longtime New York real estate luminary, has been terminated from his position, according to an SEC filing and multiple media reports.
The news comes after the New York-based mega brokerage’s CEO and chairman Howard Lorber stepped down from the board last week, and reports over the last year related to sexual harassment scandals and poor financial performance.
Representatives for Douglas Elliman did not immediately respond to email requests for comment. Durkin could not immediately be reached for comment.
Durkin, who was hired as executive vice president at Douglas Elliman in 2016 before taking the CEO job in 2021, was still listed on the company’s website as its president and CEO Monday morning. According to the SEC filing, Durkin’s termination was effective last Friday.
The New York Times reported that Richard Ferrari, who currently oversees Elliman’s operations in New York and the Northeast, will assume Durkin’s role.
Before joining Elliman, Durkin spent more than 25 years with The Corcoran Group. According to a release by the company back in 2021, Durkin was “hand selected” by Lorber for the CEO role.
Durkin’s abrupt departure comes as the company undertakes an internal investigation regarding a “sexually charged work culture,” the Wall Street Journal reported. Although it is unclear what the specifics of that investigation are, two former star Elliman agents, brothers Tal and Oren Alexander, were hit with multiple accusations of sexual assault over the summer. They have denied wrongdoing.
A previous investigation headed by a longtime Lorber ally was not enough to satisfy stakeholders, according to the Journal.
Also according to the Wall Street Journal, there are at least some investors unhappy with the company’s financial performance as well. Douglas Elliman’s stock is down over 30% on the year (but rose sharply after news of Durkin’s departure broke).
Notably, Douglas Elliman’s settlement in the commission lawsuits included a stipulation based on the company’s future financial performance, with a smaller payment due later to plaintiffs depending on cash balance over the next three years. The company had to pay $7.75 million as part of an agreement with class-action seller plaintiffs, with another $10 million potentially paid out across 2025 and 2027.
