Opendoor Technologies Inc. (NASDAQ: OPEN), a San Francisco-based e-commerce platform for residential real estate transactions, has launched a search for a new CEO following the resignation of Carrie Wheeler, effective today.
Wheeler, who is also stepping down as chairperson of the board, will remain as an advisor to the board through the end of the year.
“Leading Opendoor has been a true privilege,” said Wheeler. “We’ve built a stronger, more focused company, expanded our offerings, and set the stage for the future – all in one of the most challenging real estate markets in history. I believe now is the right moment for a leadership transition, and I’m confident the company is on a strong path forward.”
Shrisha Radhakrishna, Opendoor’s chief technology and product officer, was named president and interim CEO of Opendoor. Eric Feder, President of LenX, Lennar Homes’ strategic investing arm, was named lead independent director.
Over the past month, Opendoor has been the subject of renewed investor interest. On July 14, hedge fund manager Eric Jackson wrote on X that his EMJ Capital “has taken a position in $OPEN — and we believe it could be a 100-bagger over the next few years.”
On this past Wednesday, high-profile investor Anthony Pompliano announced he was investing in Opendoor, writing on X, “I believe retail investors are a powerful force in financial markets. They can help a company grow, generate new ideas, and bring valuable attention to a narrative. The combination of capital, attention, and insights from retail should improve a business over the long run. I look forward to participating in the conversation about how Opendoor can accelerate their business and transform the residential real estate market.”
On Thursday, Opendoor shares surged as much as 22% Thursday after regulatory filings showed new second quarter investments in the company by a pair of hedge funds – a Qube Research & Technologies purchased 12.5 million shares valued at $30.3 million while Weiss Asset Management acquired 9.61 million shares worth $24 million.
