"In the meantime, Netjatian will have Opendoor's founders-Eric Wu and Khosla Ventures' Keith Rabois-overseeing him on the board. Wu served as Opendoor's CEO from 2013 to 2022 and chaired the board from 2020 to 2022. Rabois, who served on the boards of Reddit and Yelp and currently serves on the board of Ramp, was appointed chairman. Both are returning to Opendoor to bring back "founder DNA and energy," the company announced."
"Nejatian's pay package will see Opendoor turn away from traditional CEO compensation plans in favor of a return to massive equity awards tied entirely to stock price performance, according to his offer. Nejatian left his role as chief operating officer at Shopify to join Opendoor, and he'll get two "make-whole" awards from his new bosses. The first is a $15 million cash award and the second is a $15 million restricted-stock unit award. Both vest in nine months."
Opendoor is granting Kaz Nejatian an aggressive compensation package that could deliver $2.78 billion and nearly 12% ownership if stock-performance targets are met. He must more than triple the company's share price to realize the full payout. Founders Eric Wu and Khosla Ventures partner Keith Rabois are returning to the board, with Rabois appointed chairman, and they invested $40 million through a private purchase. Two directors, Pueo Keffer and Glenn Solomon, stepped down in a leadership shuffle. Nejatian left his role as Shopify COO and will receive two make-whole awards of $15 million cash and $15 million RSUs vesting in nine months, plus performance-based awards including a 40.9 million-share grant.
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