Douglas Elliman Names Two Internal Executives After Departures Under Agreements With Pay and Equity Terms
Key Facts
Douglas Elliman said in a filing with the U.S. Securities and Exchange Commission that James B. Kirkland III will retire from his roles as executive vice president, treasurer and chief financial officer, while Bradley H. Brody will step down as senior vice president, general counsel and secretary. Both changes take effect November 13, 2026, following a mutual agreement between each executive and the company. On the same day, the company appointed Heather Capriola executive vice president, treasurer and chief financial officer, and appointed Deva Roberts vice president, general counsel and secretary. The filing indicates that the changes cover the finance and legal positions, with both responsibilities passing to leaders already within the company or its subsidiary. The company also disclosed separate terms for the two separation agreements, including cash compensation and accelerated vesting of restricted stock.
Capriola took up her new role on November 13. She previously served as the company’s vice president of finance and as chief financial officer of its brokerage subsidiary, Douglas Elliman Realty. The filing said she is 48 and has been with the company for more than three years. The company said she will continue to receive her current compensation and benefits associated with her roles. Roberts, who has spent nearly five years at Douglas Elliman Realty, is taking on the roles of general counsel and secretary at the parent company while continuing as an executive and general counsel at the subsidiary. The appointments make the changes internal transfers of responsibility rather than announcements of executives joining from outside the group.
Kirkland’s retirement agreement provides compensation equal to one year’s salary, based on an annual base salary of $650,000. It also includes a prorated 2026 bonus of $369,253 and a retention payment of $150,000. Under the agreement, vesting is accelerated for 447,708 restricted shares, and he will receive $40,000 for unused vacation. The terms distinguish cash payments, including compensation, the bonus, the retention payment and the vacation payout, from restricted shares whose vesting date is accelerated. The filing did not provide a single combined value for the agreement covering these items and the shares in the available details.
Brody’s separation agreement includes a lump-sum payment of $143,750, along with compensation equal to six months of his annual base salary of $575,000; the filing set the value of the six months’ compensation at $287,500. The agreement also accelerates vesting for 187,500 restricted shares. It therefore combines a lump-sum payment, six months’ compensation and shares with accelerated vesting. The disclosed terms show that the executives’ departure arrangements differ in compensation periods, payment terms and shares, although both changes take effect on the same day.
The changes follow results for the third quarter ended September 30, 2026, when the company reported revenue of $252.1 million, compared with $262.8 million in the same quarter a year earlier. Net income attributable to the company was $7.4 million, versus a net loss of $24.7 million in the third quarter of 2025. Chief Executive Michael S. Liebowitz said the company generated operating income of $6.3 million and net income of $7.4 million, while retaining about $123 million in cash and cash equivalents and U.S. Treasury bills. Gross transaction value was about $10 billion, roughly in line with the year-earlier quarter, while the average transaction price rose to $1.83 million from $1.77 million. These figures provide context on the company’s performance when it announced the changes, with annual revenue declining while the company returned to quarterly net profit.
Douglas Elliman shares closed at $1.65 on November 13, according to EL7 data. Investing.com said the stock was down 30% from the start of 2026 through that date, despite rising 6% over the previous week. In its second-quarter results, Liebowitz said comparable-basis revenue grew 8.6% year over year and proceeds from existing-home sales rose 15% in May and 16% in June compared with the corresponding periods. The company also said at the time that its development marketing pipeline stood at about $26.1 billion, with additional projects worth $9.7 billion scheduled to enter the market through September 30, 2027. In that announcement, it said the AI transformation was expected to gradually drive significant savings in non-commission operating expenses over the following three years, beginning in the second half of 2026.