Miami-headquartered Douglas Elliman Inc. (NYSE: DOUG) announced that Howard M. Lorber will retire from his position as president, CEO and chairman of the board. Douglas Elliman Board Director Michael Liebowitz has been appointed chairman and CEO.
Liebowitz is currently chairman and CEO of Nocopi Technologies Inc. (OTCQB: NNUP) and he previously served as president and CEO of the Harbor Group Division of Alliant.
The departure of Lorber, who served as chairman since 2003, is immediately effective, even though his contract with the company expires in late December. The New York Times reported Lorber’s abrupt retirement follows growing criticism regarding Douglas Elliman’s financial difficulties and its handling of sexual assault allegations against several high-profile agents.
The company did not dwell on the problems it currently faces, but issued a statement that said, “Douglas Elliman 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.”
Photo: Howard M. Lorber
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