Where Real Estate Gets Its Dirt

Eric Wu, CEO of Opendoor steps down for new role, CFO Carrie Wheeler named new CEO

New leadership structure

“To my Opendoor community,

I’ve decided to transition from my role as CEO to President of Marketplace, and we are naming Carrie Wheeler as our new CEO. First, I believe that an important driver of shareholder value is the discovery and refinement of product market fit, and I want to spend my days, nights, and weekends delivering products that address consumer needs. Second, and more importantly, I’ve spent countless hours with Carrie, and I know she is the leader and executive Opendoor needs. ” 

Great letter. I’m a big fan of Opendoor and of the iBuying model. It’s going to be interesting to see what Eric does now that he will be singularly focused on their new “Exclusives” initiative. If Opendoor successfully creates a portal that consumers will always check alongside Zillow, they will have changed the game. Best of luck to Eric, Carrie and the entire Opendoor team.

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