"Yesterday, Opendoor named the chief operating officer of Shopify, Kaz Nejatian, as its new CEO. The appointment was news to many, but the fact that Opendoor was looking for a new chief executive was not. That's because on August 15, Opendoor announced that its then-CEO, Carrie Wheeler, would be stepping down effective immediately. In her place, the company's chief technology and product officer, Shrisha Radhakrishna, stepped up as interim leader as the search for a new CEO commenced."
"At the time, Opendoor said, Wheeler had "made the decision to step down" from her role as CEO. However, as The Wall Street Journal notes, there has been pressure from retail investors to replace Wheeler, especially after the company's disappointing Q2 2025 results, which saw it purchase 63% fewer homes during the quarter than a year earlier. Opendoor makes the majority of its money by buying homes directly from homeowners, fixing them up, and then flipping them for a profit."
"But during its Q2 results, Opendoor also offered guidance that spooked investors. It said that during its current Q3, it expects revenue of $800 million to $875 million. That represents a 36% decline from the revenue it generated in the same quarter a year earlier. OPEN stock fell nearly 20% as a result of these announcements-severely limiting the gains that it had made in July when it became a favorite among meme stock investors."
Opendoor named Shopify COO Kaz Nejatian as its new CEO following Carrie Wheeler’s immediate departure on August 15. Shrisha Radhakrishna served as interim CEO while the company searched for a permanent leader. Retail investors had pressured leadership change after Q2 2025 results showed Opendoor purchased 63% fewer homes year over year. Opendoor’s core business involves buying, renovating, and flipping homes. The company provided Q3 revenue guidance of $800 million to $875 million, a projected 36% decline year over year, and OPEN stock fell nearly 20% after those announcements.
Read at Fast Company
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