Opendoor Names Shopify COO Kaz Nejatian CEO, Founders Return to Board
Leadership shake-up and $40M investment aim to accelerate AI-first strategy and restore 'founder DNA' to the property technology firm.
Opendoor Technologies (NASDAQ: OPEN) announced a significant leadership overhaul, appointing Shopify's Chief Operating Officer, Kaz Nejatian, as its new Chief Executive Officer. The move, which sent shares up over 1%, is part of a broader strategic realignment that sees co-founders Keith Rabois and Eric Wu rejoining the Board of Directors, with Rabois taking the role of Chairman.
To reinforce the renewed vision, the company secured a (PIPE) from Khosla Ventures and Wu, signaling strong insider confidence in the new direction. Nejatian, who was instrumental in scaling operations and product at Shopify, is being brought in to sharpen Opendoor's focus as an AI-first real estate platform. Rabois praised the incoming executive as the "right leader for the AI era," citing his track record of decisive leadership and product innovation.
The appointment follows the resignation of former CEO Carrie Wheeler in August and a brief interim period. The return of Rabois and Wu is being framed as a move to bring back the company's "founder DNA," aiming to reinvigorate its mission to simplify real estate transactions.
This leadership transition comes at a pivotal moment for Opendoor. The company's stock has seen a , driven by market optimism around potential interest rate cuts and strategic shifts. However, this rally has pushed the stock price well above the consensus analyst price target, suggesting a disconnect between investor enthusiasm and Wall Street's valuation models.
While the company has made strides in creating capital-light revenue streams, its most recent showed a decline in contribution margin, and its outlook for the third quarter is cautious. Nejatian's primary challenge will be to leverage his expertise in operational efficiency to navigate market headwinds and drive the company toward sustainable profitability in a rapidly evolving real estate landscape.