Reflects Douglas Elliman’s Strong Progress in Establishing Independent Corporate Infrastructure Since Spin-off from Vector Group and Plans to Phase Out Transition Services Agreement
Douglas Elliman Inc. (NYSE: DOUG) (“Douglas Elliman” or the “Company”) today announced that it has launched a search for a Chief Financial Officer. J. Bryant Kirkland III, who has served as CFO of Douglas Elliman since its spin-off from Vector Group Ltd. (NYSE: VGR) on December 29, 2021, will remain in his position at Douglas Elliman during the search process and will work with the next CFO of Douglas Elliman to ensure a smooth transition. Mr. Kirkland will continue to serve as CFO of Vector Group.
Douglas Elliman has made strong progress in establishing its own corporate infrastructure since the spin-off from Vector Group and has begun to take steps to phase out the Transition Services Agreement with Vector Group, under which Vector Group provides certain corporate and other services to Douglas Elliman.
Howard M. Lorber, Chairman and CEO of Douglas Elliman, said, “We are now nearly 18 months out from Douglas Elliman’s successful spin-off from Vector Group, and consistent with our goal of phasing out the Transition Services Agreement, it is the appropriate time to recruit a CFO exclusively dedicated to Douglas Elliman. Bryant has been an integral member of the Douglas Elliman management team, including structuring and executing the spin-off and building the solid foundation required to grow as an independent, publicly traded company. On behalf of the Board of Douglas Elliman, I want to express our deep gratitude to Bryant for his willingness to serve in this role at a critical time in Douglas Elliman’s evolution. I look forward to continuing to work with Bryant as CFO of Vector Group.”
Douglas Elliman has retained U.S. Executive Search, Inc. to conduct the CFO search and will communicate further updates as appropriate.
About Douglas Elliman Inc.
Douglas Elliman Inc. (NYSE: DOUG, “Douglas Elliman”) owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, Westchester, Connecticut, New Jersey, the Hamptons, Massachusetts, Florida, California, Texas, Colorado, and Nevada. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (“PropTech”) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Additional information concerning Douglas Elliman is available on its website, investors.elliman.com.
Emily Claffey/Benjamin Spicehandler/Columbia Clancy