C.E.O. of Real Estate Giant Douglas Elliman Retires Amid Mounting Criticism

Howard Lorber, the chief executive of Douglas Elliman Real Estate, has stepped down, the company said on Tuesday.In a brief announcement, the company said Mr.Lorber, 76, had decided to retire.

His departure is effective immediately.The sudden exit rippled through the real estate industry, with executives attributing it to mounting criticism of Mr.Lorber’s leadership in steering the brokerage’s finances and his failure to adequately address sexual assault allegations against agents in the company.Since 2021, Douglas Elliman’s total market value has plummeted from more than $900 million to around $130 million.In July, amid those losses and the allegations of sexual misconduct, one shareholder circulated a letter demanding that Mr.

Lorber reduce his compensation.“Stockholders deserve to know how the assault and harassment claims were handled by management,” the shareholder, Brad Tirpak, wrote.

He also called on the board to begin looking for a replacement.Mr.Lorber had been chairman of the New York-based company since 2003, and in the two decades since, had helped it grow into one of the country’s largest residential real estate brokerages.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.

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