Lorber had served as chairman since 2003 but in the months leading up to his retirement faced scrutiny following a pattern of financial losses and the Alexander brothers scandal.
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Long-time Douglas Elliman executive Howard Lorber has retired from his positions as the company’s president, CEO and Chairman of the Board, the New York City-based firm announced on Tuesday.
Lorber, who is also president and CEO Of Vector Group Ltd., the former parent company of Douglas Elliman, had served as a chairman at the luxury brokerage since 2003.
In tandem with the announcement about Lorber’s retirement, Elliman announced that the firm’s board director, Michael Liebowitz, had been appointed the new chairman and CEO of Douglas Elliman.
A press statement from Douglas Elliman said the firm “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 representative from Douglas Elliman declined to comment further on the leadership changes.
Liebowitz said in the press release that he was “honored” to be bringing the “iconic brand” into its next 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 said in a statement. “We look forward to continue executing on our strategic vision, building on the Company’s industry-leading position and maximizing shareholder value.”
Liebowitz has significant experience in founding and monetizing businesses in the insurance and finance fields, according to Elliman’s press release. He is currently also chairman and CEO of Nocopi Technologies Inc., a U.S.-based producer of printing ink.
When it comes to real estate, one of Liebowitz’s current endeavors includes the redevelopment of the Mondrian South Beach Hotel in Miami, Florida, which he has owned since 2019.
Prior to Tuesday’s announcement, Lorber had come under scrutiny in recent months by some of Elliman’s more vocal investors, who believed he was not managing the firm’s finances appropriately, as the brokerage continued to see a stretch of losses in quarterly earnings.
Shareholder Bradley Tirpak also questioned why Lorber had received the highest award possible during his annual bonus under the Diversity, Equity and Inclusion category when it had recently come to light that long-time Elliman agents Oren and Tal Alexander had been accused by multiple women of sexual assault — an allegation that one Elliman agent, Jessica Cohen, claimed she had told Lorber about in confidence in 2012.
Elliman has asserted that no formal HR complaint was filed against the Alexander brothers during their roughly 10-year tenure at the brokerage.
At that time, Elliman representatives said in a statement emailed to Inman, “Douglas Elliman notes that the former brokers accused of sexual assault left the Company more than two years ago, and there were no complaints against them when they were at the Company nor was there any concealment or preferential treatment with respect to those brokers.”
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