Opendoor appoints Radhakrishna as president amid CEO departure

SAN FRANCISCO - Opendoor Technologies Inc. (NASDAQ:OPEN), which has seen its stock surge over 55% in the past week and 90% year-to-date according to InvestingPro data, announced Friday that Shrisha Radhakrishna has been appointed as President and interim leader, effective immediately, following CEO Carrie Wheeler’s decision to step down.

Wheeler, who also served as Chair of the Board, will remain as an advisor to the Board through the end of 2025. Eric Feder, President of LenX, has been elected as Lead Independent Director. The leadership transition comes as the company maintains a strong liquidity position, with InvestingPro data showing current assets significantly exceeding short-term obligations with a current ratio of 4.35.

The company stated that a CEO succession planning process began in mid-2025 with Spencer Stuart assisting in the search, which is currently underway.

Radhakrishna, who has served as Opendoor’s Chief Technology & Product Officer since 2024, will report directly to the Board alongside Chief Financial Officer Selim Freiha during the transition period.

"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," Radhakrishna said in the press release.

Before joining Opendoor, Radhakrishna held the position of Chief Technology & Product Officer at LegalZoom and previously spent over a decade at Intuit, where he contributed to the development of QuickBooks products.

Feder expressed confidence in the company’s strategy, which includes scaling Key Connections, rolling out Cash Plus across markets, and improving the core cash-offer business.

"We are deeply grateful for Carrie’s leadership and dedication to Opendoor over the past six years," Feder added.

Wheeler, who joined Opendoor as a board member before becoming CFO during the company’s public listing and later CEO, described leading the company as "a true privilege" in the announcement.

Opendoor, founded in 2014, operates an e-commerce platform for residential real estate transactions across multiple U.S. markets. While the company currently maintains a market capitalization of $2.22 billion, InvestingPro analysis reveals both challenges and opportunities ahead, with 18+ additional exclusive ProTips and a comprehensive Pro Research Report available for deeper insight into the company’s financial health and market position.

In other recent news, Opendoor Technologies Inc. reported its second-quarter 2025 earnings, with revenue reaching $1.6 billion, surpassing the anticipated $1.5 billion. Despite this revenue beat, the company’s earnings per share showed a loss of $0.04, slightly below the expected loss of $0.03. UBS has revised its outlook on Opendoor, raising the stock price target to $1.60 from $1.30, while maintaining a Neutral rating. The firm adjusted its fiscal year 2025 revenue and EBITDA estimates downward, projecting no year-over-year revenue growth in 2026 and potential challenges in breaking even on adjusted EBITDA.

Keefe, Bruyette & Woods downgraded Opendoor’s stock rating from Market Perform to Underperform, citing the recent earnings results as a factor. The firm also adjusted its non-GAAP EPS estimates for 2025 and 2026. On the investment front, hedge funds Qube Research & Technologies and Weiss Asset Management disclosed significant new stakes in Opendoor, purchasing 12.5 million and 9.61 million shares, respectively, during the second quarter. Additionally, entrepreneur Anthony Pompliano announced his personal investment in Opendoor, highlighting the influence of retail investors in the market.

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