Bradley Tirpak urges Douglas Elliman shareholders to withhold vote on CEO

Bradley Tirpak announced he issued the a letter to the stockholders of Douglas Elliman, which read in part, ” In my previous letter to stockholders of Douglas Elliman, I urged stockholders to “WITHOLD” VOTES ON PART-TIME CEO HOWARD LORBER at the upcoming Annual Meeting of Stockholders to be held August 21, 2024. I am pleased to report that Institutional Shareholder Services, a leading independent proxy advisory firm, agrees with me. They are recommending stockholders “WITHOLD” VOTES ON HOWARD LORBER. In addition, ISS recommends stockholders vote “FOR” PROPOSAL 4, the proposal to elect directors annually. ISS noted that “the ability to elect directors is the most important use of the shareholder franchise, and all directors should be accountable on an annual basis. A staggered board can entrench management and effectively preclude most takeover bids or proxy contests.” I am also pleased to report that Glass Lewis, another leading independent proxy advisory firm agrees with me. Glass Lewis recommends stockholders VOTE “AGAINST” PROPOSAL 3, the advisory vote on executive compensation. As a reminder, in the recent proxy statement filed on July 11, 2024 with the Securities and Exchange Commission, stockholders learned that the compensation committee of the board of directors significantly lowered the metrics used to measure the success of the Company when awarding executive bonuses. Management was rewarded for losing money in 2023! A “WITHOLD” VOTE ON HOWARD LORBER, a vote “AGAINST” Proposal 3, and a vote “FOR” Proposal 4 will ensure that the board of directors understands that the compensation policies of the Company are flawed, and the Company requires truly independent oversight that aligns management compensation with stockholder returns.”