National Association of Realtors CEO quits earlier than expected after federal lawsuit loss

The National Association of Realtors announced Thursday that CEO Bob Goldberg will resign earlier than expected, as the group contends with the fallout from a federal lawsuit and a harassment scandal.

The leadership transition comes days after 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. The NAR was ordered to pay $1.78 billion in damages.

The jury’s verdict also has the possibility to upend practices by real estate agents to boost commissions as home prices continue to rise. The trade group plans to appeal and seek reduced damages.

The association did not mention the lawsuit in Goldberg’s decision to step down.

The NAR’s leadership also came under fire in August, when its president, Kenny Parcell, resigned two days after The New York Times published a story detailing sexual harassment claims from women with whom he worked.

Starting Nov. 30, Goldberg will be replaced by Nykia Wright, who’s serving as interim CEO while the association searches for a permanent replacement.

In June, Goldberg said he planned to retire at the end of 2024. He has spent three decades at NAR. Goldberg will continue to serve as an executive consultant through the transition, the association added.

In a release Thursday, he said he decided last month to retire earlier than planned.

“I am grateful for the privilege of leading NAR and confident that the association will continue delivering incredible value to its members for generations to come,” he said.

Don’t miss these stories from CNBC PRO: