Douglas Elliman continues to shake up its leadership team. In a document filed on Friday with the Securities and Exchange Commission (SEC), the firm announced the termination of Douglas Elliman Realty CEO Scott Durkin, as first reported by The New York Times.
According to the filing, Durkin was “terminated, effectively immediately.”
Durkin’s dismissal came just days after the firm announced the retirement of parent company CEO Howard Lorber. Michael Liebowitz, the firm’s board director, was named the new chairman and CEO.
Durkin joined Douglas Elliman in 2015, becoming 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 managed Douglas Elliman’s brokerage sales and operations in New York and the Northeast, has been named CEO of Douglas Elliman Realty.
The firm has taken heat in recent months from its investors, who felt that the company’s finances were being mismanaged due to its continued losses in quarterly earnings. Its value has dropped from roughly $900 million to $130 million since 2021, according to the Times.
Additionally, Douglas Elliman and its leadership has come under scrutiny for its alleged mishandling of sexual assault complaints lodged against former Douglas Elliman agents Oren and Tal Alexander.
The Alexanders’ firm, Official Partners, is now brokered with Side and is currently facing a lawsuit from Side that deals with an alleged breach of their contract.