• 3rd+Premium • 3rd+CEO I Board Member I Investor I AdvisorCEO I Board Member I Investor I Advisor3w • Edited •
Today, I am stepping down as CEO of Opendoor.
When the Board of Directors asked me to take on this role at the end of 2022, the company was in crisis. The real estate market was punishing, the business needed a reset, and the path forward was uncertain. My mandate was clear: stabilize the company and do what was necessary to survive. Of course, I said yes – because I believed in Opendoor.
It wasn’t easy, and it wasn’t about glamorous headlines, but we stopped the bleeding. We restructured the business, rebuilt an exceptional leadership team, set a bold vision for long-term value creation, and reshaped the company for the future – all against the backdrop of one of the toughest real estate markets on record. We went from $1 billion in losses when I took over, to announcing our first quarter of positive EBITDA in three years this past quarter. We architected a new strategy and moved from being a single-product operator to a multi-product platform for consumers and agents alike. And all the while, we continued to deliver for customers with an NPS of 80. I’m proud of the transformation we’ve driven together.
To everyone who helped steady this ship: thank you. This was a turnaround in every sense of the word. The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead. I believe the best thing I can do for Opendoor now is to accelerate my succession plans that I shared with the Board mid-year and make room for new leadership to take the reins.
I am pleased that the leadership team will continue to execute on the vision and strategy that we put in place. I am deeply grateful for the incredible team at Opendoor for their passion for reinventing the real estate business. The foundation is stronger, the vision is sharper, and the business is ready for what comes next. I’m closing this chapter with pride, clarity and gratitude.
When the Board of Directors asked me to take on this role at the end of 2022, the company was in crisis. The real estate market was punishing, the business needed a reset, and the path forward was uncertain. My mandate was clear: stabilize the company and do what was necessary to survive. Of course, I said yes – because I believed in Opendoor.
It wasn’t easy, and it wasn’t about glamorous headlines, but we stopped the bleeding. We restructured the business, rebuilt an exceptional leadership team, set a bold vision for long-term value creation, and reshaped the company for the future – all against the backdrop of one of the toughest real estate markets on record. We went from $1 billion in losses when I took over, to announcing our first quarter of positive EBITDA in three years this past quarter. We architected a new strategy and moved from being a single-product operator to a multi-product platform for consumers and agents alike. And all the while, we continued to deliver for customers with an NPS of 80. I’m proud of the transformation we’ve driven together.
To everyone who helped steady this ship: thank you. This was a turnaround in every sense of the word. The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead. I believe the best thing I can do for Opendoor now is to accelerate my succession plans that I shared with the Board mid-year and make room for new leadership to take the reins.
I am pleased that the leadership team will continue to execute on the vision and strategy that we put in place. I am deeply grateful for the incredible team at Opendoor for their passion for reinventing the real estate business. The foundation is stronger, the vision is sharper, and the business is ready for what comes next. I’m closing this chapter with pride, clarity and gratitude.
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