Howard Lorber, CEO of Douglas Elliman, stepped down effective immediately, the company announced Tuesday evening.

Lorber will retire, according to a press release from the company. His contract was set to expire Dec. 29, The New York Times reported.

"With a strong balance sheet, robust pipeline of projects in our Development Marketing business, and the competitive advantages provided by our dedicated team of world-class agents, I am confident that Douglas Elliman’s brightest days are ahead," Douglas Elliman Board Director and Lorber's replacement Michael Liebowitz said in the statement.

The release did not include a statement from Lorber.

Lorber's departure comes at a tumultuous time for both the brokerage and his leadership of it.

Reports in The Real Deal and The New York Times earlier this year alleged Lorber knew that former Douglas Elliman agents faced multiple accusations of sexual assault, including in lawsuits, and that Lorber and company leadership failed to respond appropriately.

The brokerage's market value has fallen from more than $900M to about $130M in the last three years, the NYT reported. Over the summer, its stock price was around $1, the minimum price per share a stock can trade for and still be listed on the New York Stock Exchange, The Real Deal reported.

Over the summer, a shareholder sought to gain support in calling for Lorber to reduce his compensation and for more transparency about the way that the sexual assault claims were handled by company leadership, the NYT reported.

Lorber's departure "was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices," the company said in a filing with the Securities and Exchange Commission Tuesday.