Douglas Elliman has announced that Howard M. Lorber is retiring from his position as president, CEO and chairman of the board. The 76 year old has served as chairman since 2003, and is also president and CEO of Vector Group Ltd.—Douglas Elliman’s former parent company.
The company said in a release that it “extends its deepest appreciation to Mr. Lorber for his strategic vision and years of dedication and hard work.”
Board Director Michael Liebowitz has been appointed chairman and CEO of Douglas Elliman in Lorber’s place. The company stated that he is an “entrepreneur, private investor and seasoned business executive,” with extensive leadership and industry exper
Over his 25 year career, Douglas Elliman stated that Liebowitz has acquired or been a founder of several companies, including Harbor Group Consulting LLC, National Financial Partners Corp., Innova Risk Management and High Street Valuations. He has also served as chairman of the board of Nocopi, and has previously served on the boards of Ladenburg Thalmann Financial Services Inc. and The Hilb Group.
In terms of real estate, the company noted that Liebowitz is currently redeveloping the Mondrian South Beach Hotel in Miami, Florida—a property he has owned since 2019.
Liebowitz commented in a release that he is “honored” by the appointment and is ready to “lead the Company into its next chapter of growth and diversification.”
“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,” he continued. “We look forward to continue executing on our strategic vision, building on the Company’s industry-leading position and maximizing shareholder value.”
Douglas Elliman—like many other real estate companies—has seen a tumultuous year amid lawsuits and other industry hurdles.
Back in April, the company announced it was settling its commission lawsuits for $17.75 million, to be paid out over the next two years—although the payments would be contingent on the company’s future cash balance. The settlement would also grant the company immunity from homeseller commission lawsuits.
Two of its highest profile agents were also accused of sexual assault and other misconduct back in the summer. The New York Times reported that a shareholder subsequently circulated a letter demanding that Lorber reduce his compensation, and asking the board to look for a replacement.
In a positive turn of events, the company was recently dismissed without prejudice in the Illinois-based Batton homebuyer commission lawsuits. Plaintiffs stated in their voluntary dismissal notice that “(s)uch dismissal is proper because Douglas Elliman Inc. has not yet served either an answer or a motion for summary judgment.”
