Dottie Herman is stepping down as chief executive officer of Douglas Elliman Real Estate, according to a just-released company statement.
Scott Durkin, the firm’s president and chief operating officer, will be promoted to new CEO.
“Douglas Elliman has proven to be my most rewarding professional experience to date,” said Scott Durkin via release. “I look forward to expanding upon the legacy of our brand built by my friend and mentor Dottie Herman as the market leader in luxury real estate. I also welcome the opportunity to further advance our technology-focused initiatives that allow our agents to work faster and more efficiently on behalf of their customers and clients.”
According to Bloomberg, Herman sold her roughly 29 percent stake in in the company for $40 million in 2018 to a subsidiary of Lorber’s Vector Group, which now owns 100 percent of the firm.
Herman will step into the role of Vice-Chair, serving in an advisory capacity to as well as continuing to mentor Douglas Elliman executives and agents across the country.
With approximately 7,000 agents, Douglas Elliman operates some 100 offices in New York, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. The company reported net income of $13.9 million in Q1 of 2021, compared to a net loss of $69 million a year earlier.