Opendoor Hunts for New CEO as Wheeler Steps Down, Lifting Shares

The Opendoor Technologies website.

(Bloomberg) -- Opendoor Technologies Inc., a real estate company that became a meme stock in recent months, said Chief Executive Officer Carrie Wheeler is stepping down immediately as the board searches for a replacement.

Shrisha Radhakrishna has been named president and interim leader of Opendoor, the company said in a statement Friday.

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Opendoor shares soared Friday after the announcement, rising as much as 13.1% as of 9:39 a.m. in New York.

Wheeler approached the board in the middle of this year to begin a succession planning process. The company has retained Spencer Stuart to help with the hunt and said its search is “well underway.”

Opendoor has been well known for its software-driven approach to flipping homes known as iBuying, which caught on with consumers in the hot housing market that followed early Covid lockdowns. The strategy became tougher in the middle of 2022 when interest rates started rising.

A plunge in the stock price had put the company at a risk of delisting. But earlier this year, Canadian hedge fund manager Eric Jackson at EMJ Capital made a series of posts online laying out a bull case for the stock, leading to a surge.

“The board has confidence in the Opendoor team and has conviction in the strategy,” said Eric Feder, president of Lennar Homes’ strategic investing arm, who has been named lead independent director of Opendoor.

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