The National Association of Realtors’ CEO plans to retire this month, more than a year earlier than expected, in the wake of a more than $5 billion court loss in a class-action case over agent commissions.
CEO Bob Goldberg will retire Nov. 20, the Chicago-based trade association announced Thursday. He previously had been set to retire at the end of 2024, with the NAR searching for a permanent replacement in the meantime.
Instead, the NAR said in a statement that Goldberg is stepping aside later this month, to be replaced on an interim basis by Nykia Wright, who until earlier this year was CEO of the Chicago Sun-Times newspaper.
In addition to the loss in federal court this week and other pending litigation regarding commissions on home sales, Goldberg also had faced pressure from within the NAR regarding concerns of sexual harassment involving the organization that were first reported by The New York Times, which led to the resignation of President Kenny Parcell in August. Parcell, who was accused of sexual harassment and fostering a toxic workplace, has denied the allegations.
Goldberg will serve as an “executive consultant” to help support the leadership transition, according to the statement.
The NAR statement cited Wright’s experience in leading change, including guiding the Sun-Times through a digital transformation and a merger with Chicago public radio station WBEZ to form Chicago Public Media. Wright previously worked in the financial services industry.
"We are delighted to welcome Nykia as interim CEO," said NAR President Tracy Kasper, a Realtor from Nampa, Idaho, and broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. "Her deep experience driving organizational transformation positions her well to advance our strategy, vision and culture initiatives. I look forward to working with her, in partnership with our Leadership Team and staff, to continue strengthening our organization.”
The NAR, which has offices in Chicago and Washington, D.C., has more than 1.5 million members.
Its interim leadership change was announced just two days after the NAR and co-defendants Keller Williams and HomeServices of America were hit with nearly $1.8 billion in damages in a federal courtroom in Kansas City, Missouri. Because it is an antitrust case, those damages will be tripled to almost $5.4 billion.
The NAR said it will appeal the verdict and seek to reduce the damages.
The jury ruled that the NAR and those brokerages unnecessarily drove up home prices because of their long-running practice of seller brokers splitting commissions with buyer brokers.
A similar case with the potential for $41 billion in damages is set to go to trial in Chicago next year.
Two other defendants, Anywhere Real Estate and RE/MAX previously settled the class-action lawsuits for more than $138 million combined.
Soon after the verdict was reached in Kansas City, the plaintiffs’ lawyer, Mike Ketchmark, filed a larger, national class-action lawsuit against the NAR and seven new defendants.
Industry professionals have said the lawsuits have the potential to at least bring major changes to the home-selling process, with a worst-case scenario of financial ruin if there are multiple court losses.
"NAR advocates for and empowers people who help families across America realize the dream of homeownership," Wright said in the statement. "I am honored to join the organization at this important moment, when the opportunity to make a difference in the evolving real estate landscape has never been greater. I look forward to getting to work and partnering closely with NAR's talented staff in the months ahead."