The National Association of Realtors (NAR) officially disclosed on Thursday that CEO Bob Goldberg will be stepping down from his role ahead of the originally anticipated timeframe. This decision coincides with the NAR grappling with the repercussions of both a federal lawsuit and a controversy surrounding harassment allegations.
The leadership transition arrives shortly after a federal jury’s ruling, which found NAR, along with some residential brokerages, including segments of Warren Buffett’s Berkshire Hathaway, accountable for a conspiracy to artificially inflate commissions related to home sales. The NAR was subsequently directed to pay a substantial $1.78 billion in damages.
This verdict carries the potential to disrupt the practices used by real estate agents to enhance their commissions, especially in a market where home prices are on the rise. The NAR plans to appeal the verdict and seek a reduction in the awarded damages. It’s noteworthy that the association did not specifically reference the lawsuit in explaining Goldberg’s decision to resign.
The NAR’s leadership had already faced considerable scrutiny earlier in August, with the resignation of its president, Kenny Parcell, who stepped down just two days after The New York Times published a story detailing allegations of sexual harassment from women he had worked with.
Effective November 30, Nykia Wright will assume the role of interim CEO as the NAR initiates the process of searching for a permanent replacement. In June, Goldberg had originally stated his intention to retire by the end of 2024 after dedicating three decades of service to the NAR.
As part of the transition, Goldberg will continue to offer his support as an executive consultant.In a release issued on Thursday, Goldberg conveyed that he had made the decision to retire earlier than initially planned. He expressed his gratitude for the privilege of leading the NAR and voiced his confidence in the association’s ability to deliver significant value to its members for generations to come.
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