Nov 2, 2023 - Economy & Business

NAR CEO resigns days after group loses bombshell court case

A for sale sign in Mastic, New York, in 2018. Photo: Steve Pfost/Newsday RM via Getty Images

The CEO of the National Association of Realtors, Bob Goldberg, resigned on Thursday just two days after a $1.8 billion jury verdict against the powerful trade group.

Why it matters: The abrupt resignation is a sign of turmoil inside NAR, which has been rocked by the verdict in the case, which could severely diminish the group's stranglehold on the real estate industry.

State of play: Nykia Wright, the former CEO of the Chicago Sun-Times, will serve as interim CEO starting on November 20.

  • Wright is coming from outside the real estate industry, and NAR touted her experience in leading the paper through a digital transformation and merger.

Zoom in: Goldberg's troubles began months ago after allegations of sexual harassment and discrimination within the trade group were published by the New York Times.

  • The NAR's former president, Kenny Parcell — whose behavior was the subject of the Times' expose — resigned just days after the report.
  • Since then, Realtors have been calling for Goldberg's resignation, too. He had previously announced a planned retirement for next year, NAR said in a statement.
  • A spokesman for NAR told the New York Times that Goldberg's departure was unrelated to the legal situation or the sexual harassment allegations.
  • "After announcing my decision to retire earlier this year, and as I reflected on my 30 years at NAR, I determined last month that now is the right time for this extraordinary organization to look to the future," he said in a statement.

What's next: NAR has said it's appealing the decision in the Kansas City case, but faces a similar trial starting next year.

  • A search for a permanent CEO is underway.
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