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eXp World Holdings, Inc. (NASDAQ:EXPI), a global real estate services company with annual revenue of $4.57 billion, announced the upcoming departure of its Chief Accounting Officer and principal financial officer, Jian (Kent) Cheng. According to InvestingPro analysis, the company maintains a FAIR financial health score, with strong cash flow management despite recent market challenges. Mr. Cheng will resign from his current role, effective March 31, 2025, as disclosed in the company’s latest 8-K filing with the Securities and Exchange Commission.
Kent Cheng has been with eXp World Holdings since March 6, 2020, and has played a significant role in the company’s financial operations. To ensure continuity, eXp World Holdings has entered into an agreement with Cheng, where he will transition to a strategic advisor role through August 31, 2025, after which his employment with the company will conclude.
The company has been actively searching for a new Chief Financial Officer to take over the responsibilities. This search is still in progress, and the company has yet to name a successor. The transition arrangement aims to maintain stability in eXp World Holdings’ financial management as they seek a permanent replacement. While the company reported negative earnings in the last twelve months, InvestingPro data shows analysts expect a return to profitability this year, with projected earnings of $0.43 per share.
The announcement came through an 8-K filing, which also included an amendment to Cheng’s offer letter reflecting the new advisory role. This amendment was made on March 5, 2025, and is detailed in the exhibit attached to the filing.
eXp World Holdings is headquartered in Bellingham, Washington, and operates under the real estate agents and managers industry classification. This change in the company’s executive team comes at a time when the real estate market continues to experience shifts and the company positions itself for future developments.
Investors and stakeholders are keeping a close watch on the company’s next moves as the search for a new CFO continues. The information provided is based on a press release statement and the official SEC filing by eXp World Holdings, Inc.
In other recent news, eXp World Holdings Inc. reported its fourth-quarter earnings, showcasing a notable 12% year-over-year increase in revenue, reaching $1.1 billion, which surpassed the forecast of $1.03 billion. The company’s earnings per share met expectations at -0.03, and its adjusted EBITDA for the quarter was $7.7 million, defying the expected consensus of a $2 million loss. DA Davidson maintained a Neutral rating on eXp World Holdings, with a price target of $13.50, following these earnings results. The firm highlighted concerns about the company’s domestic agent retention, although international agent additions have been positive.
Additionally, eXp Realty, a subsidiary of eXp World Holdings, announced the addition of HGTV star Kortney Wilson to its team, aiming to leverage her expertise in home renovation and design to expand its global business presence. eXp World Holdings continues to face challenges with domestic agent retention, as it experienced a decline in the total reported agent count during the fourth quarter. Despite this, the company has been focusing on international expansion, with plans to grow its presence to over 60 countries in the next five years.
eXp World Holdings is also investing in AI to enhance operational efficiency, a strategic move that aligns with its goal of remaining competitive in a challenging real estate market. The company’s recent financial performance and strategic initiatives have been well-received, as evidenced by a positive market reaction to its earnings announcement. Investors will likely keep a close watch on how eXp World Holdings addresses agent retention and its impact on future performance.
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