Opendoor CEO Carrie Wheeler Steps Down, Shrisha Radhakrishna Takes Over as Interim Leader, Stock Sees Bullish Trend

Opendoor CEO Carrie Wheeler is stepping down from her roles, with Shrisha Radhakrishna taking over as interim leader. Wheeler's departure has been met with positive sentiment from investors, with shares closing higher on Friday. Despite this, Wall Street remains bearish on Opendoor stock for the remainder of 2025.

Opendoor Technologies, an e-commerce platform for residential real estate, announced the sudden resignation of CEO Carrie Wheeler. Wheeler, who also served as Chair of the Board, has been replaced by Shrisha Radhakrishna as President and interim leader. This transition comes amidst a period of strategic evolution for the company.

The announcement of Wheeler's departure led to a 9% surge in Opendoor's stock on Friday, adding to a 55% gain over the past week and a 90% increase year-to-date [1]. Shares closed higher on Friday, reflecting positive investor sentiment.

Radhakrishna, who has served as Chief Technology & Product Officer since 2024, will report directly to the Board during the transition period, alongside Chief Financial Officer Selim Freiha. Wheeler will remain with the company as an advisor until the end of 2025. Eric Feder, President of LenX, has been elected Lead Independent Director [1].

In a statement, Radhakrishna expressed enthusiasm for 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" [1].

The company is currently undergoing a CEO succession planning process, assisted by executive search firm Spencer Stuart. Prior to joining Opendoor, Radhakrishna held leadership roles at LegalZoom and Intuit, where he worked on QuickBooks products [1].

Despite a Q2 revenue beat, Opendoor's earnings per share (EPS) missed slightly, prompting mixed analyst reactions and new hedge fund investments. UBS raised its price target on Opendoor from $1.30 to $1.60 but maintained a Neutral rating, lowering its full-year revenue and EBITDA estimates [1]. Keefe, Bruyette & Woods downgraded the stock from 'Market Perform to Underperform' due to the earnings results and lowered its non-GAAP EPS estimates for 2025 and 2026 [1].

Hedge funds Qube Research & Technologies and Weiss Asset Management disclosed major new investments in Opendoor in the second quarter, acquiring 12.5 million and 9.61 million shares, respectively [1].

The company's strategic roadmap includes scaling Key Connections, rolling out Cash Plus across markets, and improving the core cash-offer business. Feder thanked Wheeler for her leadership, saying, "We are deeply grateful for Carrie’s leadership and dedication to Opendoor over the past six years" [1].

While the stock market reacted positively to the news of Wheeler's departure, Wall Street remains bearish on Opendoor stock for the remainder of 2025, with analysts maintaining a cautious outlook.

References:
[1] 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