Opendoor CEO Carrie Wheeler Resigns Amid Investor Pressure, Shares Surge

Opendoor CEO Carrie Wheeler resigned after weeks of investor pressure, with Shrisha Radhakrishna appointed interim president. Wheeler cited intense outside interest in accelerating succession plans. The company's stock has surged sixfold since June, driven by retail investors, and is now valued at $2.5 billion. Opendoor's latest results showed declining home acquisitions due to rising mortgage rates, which have weighed on its business model.

Opendoor Inc. (OPEN) CEO Carrie Wheeler resigned on Friday following weeks of investor pressure, ending her three-year tenure at the online real estate company. The decision was made as the company's stock price surged more than sixfold since June, driven by retail investor interest [1]. Shrisha Radhakrishna, the company's technology chief, was appointed interim president as the board begins a CEO search.

Wheeler cited intense outside interest in accelerating succession plans. Her exit was pushed by activist investor Eric Jackson, who touted the stock as a potential 100-bagger, and co-founder Keith Rabois, who said no original leaders supported her [1]. Wheeler's resignation comes after a wave of retail-driven interest in the company's stock, which has seen shares rise 4.3% on Friday, bringing its market value to about $2.5 billion [1].

The company's latest results showed declining home acquisitions, with only 1,200 expected in Q3 versus 1,757 in Q2, as Opendoor trims marketing spend. Rising mortgage rates have weighed heavily on its business model, which relies on buying and reselling homes for profit [1]. Opendoor went public in 2020 via a SPAC and lost 99% of its value from early 2021 to June 2025 before its recent rebound [1].

Shrisha Radhakrishna, who previously served as Chief Technology & Product Officer, will now lead the company as interim president. Wheeler will remain at Opendoor in an advisory capacity until the end of 2025 [2]. This leadership change comes as part of a CEO succession planning process that began mid-2025, with assistance from Spencer Stuart [3].

References:
[1] https://finance.yahoo.com/news/opendoor-ceo-resigns-investor-pressure-212516106.html
[2] https://www.onlinemarketplaces.com/articles/opendoors-wheeler-departs-replaced-as-ceo-by-radhakrishna/
[3] https://www.quiverquant.com/news/Opendoor+Technologies+Appoints+Shrisha+Radhakrishna+as+President+Following+CEO+Carrie+Wheeler%27s+Departure