Douglas Elliman CFO and General Counsel Depart Simultaneously, Replaced Internally
Company Background
Douglas Elliman Inc. (NYSE: DOUG) owns Douglas Elliman Realty, one of the largest luxury residential real estate brokerages in the United States, with operations spanning New York, Florida, California, Texas, and a growing international footprint. The company carried approximately $123 million in cash and no long-term debt as of September 30, 2026, and recently authorized a $10 million share repurchase program.
The business has been working through a prolonged financial recovery. On an adjusted basis, Douglas Elliman has posted EBITDA losses for every quarter in the trailing twelve months, with an adjusted EBITDA loss of $27.3 million for the year ended September 30, 2026. GAAP results have been more mixed: the company reported net income of $7.4 million in Q3 2026, its first profitable quarter in several years, though a year-to-date net loss of $11.6 million through September 30 reflects a weak first half.
The past twelve months have also included significant corporate activity. A stockholder derivative lawsuit alleging breach-of-fiduciary-duty claims was filed in November 2025 and settled in February 2026 for $17.5 million, funded by insurers, with accompanying governance reforms. In April 2026, the company dismissed Deloitte & Touche LLP and replaced it with EisnerAmper LLP as its auditor — a change the company attributed solely to a desire to change principal accountants, with no disagreements disclosed.
What Was Disclosed
Both departures and both appointments were effective November 13, 2026. Kirkland's exit is described as a retirement by mutual agreement; the separation agreement provides for one year of base salary ($650,000), a pro-rated 2026 bonus of $369,253, the $150,000 retention payment that had been embedded in his April 2026 employment amendment, accelerated vesting of 447,708 restricted shares, and $40,000 in unused vacation accrual. Brodie's departure is described as a mutual step-down; his package includes a lump-sum payment of $143,750, six months of base salary ($287,500), and accelerated vesting of 187,500 restricted shares. Both executives retain seven days to revoke their waivers of age-discrimination claims. Full separation agreement texts will be filed as exhibits to the next Form 10-K.