RMAX - Chief executive of the National Association of Realtors steps down
2023-11-03 15:39:57 ET
The National Association of Realtors (NAR) top boss Bob Goldberg has stepped down as chief executive, just days after a federal jury found the NAR and some real estate brokerages, including a unit of Berkshire Hathaway ( BRK.A ) ( BRK.B ), guilty of inflating commission rates.
The NAR has appointed Nykia Wright, former CEO of the Chicago Sun-Times, as top boss on an interim basis.
"Bob Goldberg, who announced his planned retirement in June of this year, will serve as an executive consultant to NAR to help support the transition. As previously announced, NAR is conducting a comprehensive search process to identify a permanent CEO," the association said in a statement on Thursday.
HousingWire earlier this week on Tuesday reported that a jury in Kansas City, Miss. had found the NAR, Berkshire ( BRK.A ) ( BRK.B ) unit HomeServices of America, and Keller Williams guilty of conspiring to inflate commission rates. The parties were ordered to pay $1.78B in damages.
The news had sent real estate stocks slumping on Tuesday, though the sector recovered by the end of the trading session.
According to the case summary posted on the U.S. court of the Western District of Missouri, the class action involved allegations that the NAR has anticompetitive rules that require home sellers to pay commission to the home buyer's broker.
Plaintiffs also brought allegations against HomeServices of America, BHH Affiliates, HSF Affiliates, Keller Williams Realty, Realogy Holdings, and RE/MAX ( RMAX ), saying that the entities enforced those rules through anticompetitive practices.
The case is Burnett et al v. National Association of Realtors et al and the class action number is 19-cv-332.
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Chief executive of the National Association of Realtors steps down