Opendoor CEO Carrie Wheeler Steps Down, Company Shifts Focus to AI-Powered Tools

Opendoor Technologies announced that Carrie Wheeler has stepped down as CEO and chair, effective immediately. The company is shifting its focus to AI-powered real estate tools. Following the news, Opendoor stock was trading higher. Shrisha Radhakrishna, former chief technology and product officer, will serve as interim CEO. Eric Feder, a board member, has been appointed lead independent director to oversee the selection process. Retail investors had been pushing for a more visionary leader to align with the company's AI ambitions.

SAN FRANCISCO - Opendoor Technologies Inc. (NASDAQ: OPEN), an e-commerce platform for residential real estate transactions, announced Friday that Carrie Wheeler has stepped down as CEO and Chair of the Board, effective immediately. Wheeler's departure comes as the company shifts its focus to AI-powered real estate tools, aligning with retail investors' push for a more visionary leader to support these ambitions.

The company appointed Shrisha Radhakrishna as President and interim CEO, effective immediately. Radhakrishna, who previously served as Chief Technology & Product Officer, will report directly to the Board alongside Chief Financial Officer Selim Freiha during the transition period. Eric Feder, President of LenX, has been elected as Lead Independent Director to oversee the selection process for a permanent CEO.

Wheeler will remain with the company as an advisor through the end of 2025. She joined Opendoor as a board member before becoming CFO during the company's public listing and later CEO. In a statement, Wheeler described leading the company as "a true privilege."

Radhakrishna expressed excitement about Opendoor's future, stating, "I am incredibly excited about Opendoor’s next chapter. We are not only enhancing our current products but building the platform that defines the future of residential real estate transactions."

Opendoor's stock has seen significant gains, surging over 55% in the past week and 90% year-to-date, according to InvestingPro data. Despite a strong liquidity position with a current ratio of 4.35, the company's recent earnings report showed a revenue beat but a slight miss on earnings per share, prompting mixed analyst reactions and new hedge fund investments.

UBS revised its outlook on Opendoor, raising the stock price target to $1.60 from $1.30, while maintaining a Neutral rating. Keefe, Bruyette & Woods downgraded the stock from Market Perform to Underperform due to the earnings results.

References:
[1] https://ca.investing.com/news/company-news/opendoor-appoints-radhakrishna-as-president-amid-ceo-departure-93CH-4162382
[2] https://m.economictimes.com/news/international/us/open-stock-today-opendoor-ceo-carrie-wheeler-quits-suddenly-stock-jumps-9-as-shrisha-radhakrishna-steps-in-as-new-president/articleshow/123323439.cms
[3] https://www.nasdaq.com/articles/opendoor-technologies-chairman-and-ceo-carrie-wheeler-step-down