The industry-leading iBuyer had seen its stock price jump, but calls for Carrie Wheeler to step down grew louder. A search for a replacement has already begun.
Stephanie Reid-Simons2 mins
Carrie Wheeler, CEO of Opendoor, has stepped down effective immediately — a move the company announced on Aug. 15 but described as a transition that began earlier this year.
Chief Technology & Product Officer Shrisha Radhakrishna will take the reins as president and interim leader while a search is underway for a permanent CEO.
Opendoor said Wheeler approached the board in mid-2025 to begin the process of finding someone to replace her and retained Spencer Stuart to lead the CEO search, which is already in progress. Wheeler said on LinkedIn that "I believe the best thing I can do for Opendoor now is to accelerate my succession plans … and make room for new leadership."
How we got here: Eric Jackson, founder of EMJ Capital, sparked meme-like investor excitement via social media and a stock price surge in July. Opendoor's stock price had hovered below $1 since mid-April and Nasdaq informed the company that it was at risk of delisting.
Jackson had called for a leadership change and told Investing.com that Wheeler's departure was "wonderful news to shareholders." Opendoor's share price jumped after the announcement.
Reshaping Opendoor leadership: CFO Selim Freiha and Radhakrishna will report directly to the board. To support governance during the transition, the board also named Eric Feder — president of Lennar Homes' strategic investing arm LenX — as lead independent director.
Radhakrishna, who joined Opendoor in 2024 from LegalZoom after more than a decade at Intuit, has overseen cost reductions and the launch of new offerings like the Cash Plus program. "We are not only enhancing our current products but building the platform that defines the future of residential real estate transactions," he said in a press release.
Wheeler's impact and what's next: Wheeler took over the top job after co-founder Eric Wu stepped down in late 2022. She joined Opendoor's board in 2019 and also served as CFO.
Feder praised Wheeler's leadership through "one of the most challenging real estate markets in history," noting her role in taking the company public as CFO and in "leaving the company in a stronger position than when she took it over."
Wheeler will remain with the company as an advisor through the end of the year.
