The CEO of Douglas Elliman was elected a director of the company alongside David K. Chene and Patrick J. Bartels during an annual stockholders meeting on Wednesday, much to the dismay of some disgruntled stockholders.
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During an annual stockholders meeting on Wednesday morning, Douglas Elliman stockholders did not call for Howard Lorber’s replacement as CEO of the company or for a clawback of his 2023 bonus, as some shareholders had hoped.
The vote came about three weeks after vocal shareholder Bradley Tirpak published a letter to fellow investors urging them to allow Lorber’s contract to expire at the end of the year and instead immediately search for a different full-time CEO to lead the company into more solid financial footing.
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Tirpak had also urged shareholders to vote against a proposal regarding the firm’s executive compensation and to vote for a proposal to elect directors every year with the goal of aligning compensation with stockholder returns. He also implored the board to claw back Lorber’s 2023 bonus and hire a new compensation consultant, in light of the firm not meeting its Adjusted EBITDA threshold and falling short of its gross transaction value target and dividend threshold.
Tirpak additionally questioned Lorber receiving the maximum permissible award in his 2023 bonus for Diversity, Equity and Inclusion, in light of recent allegations against two of the firm’s former top brokers, Oren and Tal Alexander, who have now been accused by dozens of women of sexual assault and rape.
Douglas Elliman has maintained that no formal HR complaint was ever made about the…