New company CEO Michael Liebowitz stressed in an investors call Thursday morning that Douglas Elliman is seeking to diversify its revenue streams and increase ROI as it enters a 'new era'
Durkin's departure was announced in an SEC filing and came after reports emerged about the nature of Howard Lorber's recent retirement, which was allegedly pressured by the board
The company's improved financial results no doubt came as a sigh of relief, as Elliman faced increasing pressure from shareholders because of its shaky performance in recent quarters
Shareholder Bradley Tirpak said in a letter to investors that Lorber's leadership had fallen short as the firm has continued to see financial losses and scrutiny amid the Alexander brothers scandal
With the investment, Kennedy Lewis co-founder and Co-Managing Partner David Chene will join Douglas Elliman's board. Douglas Elliman also released preliminary Q2 2024 financial results