Douglas Elliman continues to shake up its leadership team. In a document Submitted to the on Friday Securities and Exchange Commission (SEC), the company announced the resignation of Scott Durkin, CEO of Douglas Elliman Realty, as first reported by The New York Times.
According to the filing, Durkin was “effectively terminated immediately.”
Durkin’s resignation came just days after the company announced the retirement of parent company CEO Howard Lorber. Michael Liebowitz, the company’s chief executive officer, was named the new chairman and CEO.
Durkin joined Douglas Elliman in 2015 and became chief operating officer in 2016 and president in 2017. He was named CEO in 2021 after being selected by Lorber and Dottie Herman, Elliman’s previous CEO.
The New York Times reported that Richard Ferrari, who previously led Douglas Elliman’s brokerage sales and operations in New York and the Northeast, has been named CEO of Douglas Elliman Realty.
The company has faced criticism in recent months from its investors, who felt the company’s finances were being mismanaged due to continued losses in quarterly profits. According to the Times, its value has fallen from about $900 million to $130 million since 2021.
Additionally, Douglas Elliman and its leadership have come under scrutiny for its alleged mishandling of sexual assault complaints filed against former Douglas Elliman officers Oren and Tal Alexander.
The Alexanders’ company Official partnersis now being mediated Side and is currently facing a lawsuit from Side relating to an alleged breach of contract.
