(CTN News) – As the National Association of Realtors struggles with the fallout of a federal lawsuit and a harassment scandal, the association announced Thursday that its CEO, Bob Goldberg, will resign earlier than expected.
A federal jury found the association and some residential brokerages, including units of Warren Buffett’s Berkshire Hathaway, liable for conspiring to artificially inflate commissions from home sales a few days after a federal jury found the National Association Of Realtors liable for conspiring to artificially inflate commissions from home sales.
As a result, the NAR has been ordered to pay $1.78 billion in damages to the plaintiffs.
As home prices continue to rise, it is likely that the jury’s verdict will also have the potential to upend practices used by real estate agents to boost commissions during this time. It is expected that the trade group will appeal and seek a reduction in damages in its appeal.
When Goldberg decided to step down from the National Association Of Realtors, there was no mention of the lawsuit made by the association.
In August of this year, the leadership of the NAR was also criticized, when its president, Kenny Parcell, resigned two days after The New York Times published an article detailing sexual harassment claims made by women who had worked with him.
With effect from Nov. 30, Goldberg will be replaced by Nykia Wright, who has been serving as the association’s interim CEO while the National Association Of Realtors searches for a permanent replacement.
According to Goldberg, who made his announcement in June, he plans to retire at the end of 2024. In the past three decades, he has spent most of his time at NAR. It has been announced by the association that Goldberg will continue to serve as an executive consultant during the transition period.
He announced Thursday that he had decided to retire earlier than he had planned after deciding last month to take early retirement.
“I have the privilege of leading the National Association of Realtors and I am confident that the association will continue to deliver incredible value to its members for generations to come,” he said in a statement.