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Opendoor Technologies CEO Kaz Nejatian has taken on the additional title of president after Lucas Matheson stepped down from the position effective October 21, according to a filing with the Securities and Exchange Commission.
The change puts both executive titles in Nejatian’s hands as the publicly traded homebuying platform navigates a difficult housing market. Matheson is not immediately leaving the company: he entered into a transition agreement to serve as a nonexecutive adviser to the CEO through July 15, 2027.
What the SEC filing says
Opendoor’s board appointed Nejatian, 44, president effective October 21, while he continues as chief executive officer and a board member. The company said it does not expect his compensation to change as a result of the additional appointment.
Matheson will remain employed on substantially the same terms and compensation during his advisory period. If his employment ends on July 15, 2027, or the company terminates it earlier other than for cause, he would be entitled to his base salary through that date plus severance benefits under Opendoor’s Executive Severance Plan.
The company said the full Matheson transition agreement will be filed as an exhibit to a later periodic report. The October 21 Form 8-K therefore provides the principal disclosed terms, not the entire contract.
Leadership change follows a challenging quarter
Opendoor reported $883 million in second-quarter 2026 revenue, compared with $1.57 billion in the year-earlier period, and a $162 million net loss. Those results illustrate the financial pressures facing the iBuying model, although the company’s filing did not attribute Matheson’s transition to any specific operating result.
Nejatian was named chief executive in 2025. WRE covered his appointment at the time. The October 21 disclosure marks a separate leadership change.
Primary source: Opendoor Technologies Form 8-K filed October 21, 2026.
