Opendoor CEO Carrie Wheeler quits suddenly, stock jumps 9% as Shrisha Radhakrishna steps in as new president

Open stock today: Opendoor Technologies revealed on Friday that CEO Carrie Wheeler has stepped down, effective immediately, in a surprise move that comes as the company’s stock continues to soar, according to the report. Shares jumped 9% on the news, adding to a 55% gain over the past week and a 90% increase year-to-date, as per InvestingPro data.

Opendoor Tapped Shrisha Radhakrishna as Interim Leader Following Carrie Wheeler’s Exit

Shrisha Radhakrishna, who has served as Opendoor’s Chief Technology & Product Officer since 2024, has been named President and interim leader, as reported by Investing.com. He will report directly to the Board during the transition, alongside Chief Financial Officer Selim Freiha during the transition period, according to the report.

Wheeler, who also served as Chair of the Board, will remain with the company as an advisor through the end of 2025, according to the report. Eric Feder, President of LenX, has been elected Lead Independent Director, as per the Investing.com report.

Radhakrishna said that, "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," as quoted in the report.

Prior to joining Opendoor, Radhakrishna held leadership roles at LegalZoom and Intuit, where he worked on QuickBooks products, as per the Investing.com report.

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Opendoor Board Launches CEO Search with Spencer Stuart

Opendoor said that a CEO succession planning process began in mid-2025, and is being assisted by executive search firm Spencer Stuart, as reported by Investing.com.

Opendoor's Strategic Roadmap

Feder thanked Wheeler for her leadership over the past six years, saying, "We are deeply grateful for Carrie’s leadership and dedication to Opendoor over the past six years," as quoted in the report. Feder also showed confidence in the company’s strategy, which includes scaling Key Connections, rolling out Cash Plus across markets, and improving the core cash-offer business, as reported by Investing.com.

Wheeler, who joined Opendoor as a board member and later became CFO before being named CEO, called her time leading the company “a true privilege,” according to the report.

As per Investing.com, Opendoor, founded in 2014, runs an e-commerce platform for residential real estate across several US markets. The company currently has a market cap of $2.22 billion and a strong liquidity position, with a current ratio of 4.35, according to InvestingPro.

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Opendoor's Q2 Revenue Beats Estimates, EPS Misses Slightly

Opendoor recently reported second-quarter 2025 earnings, posting $1.6 billion in revenue, beating expectations of $1.5 billion, as per the report. However, its earnings per share came in at a $0.04 loss, slightly wider than the expected $0.03 loss, according to the Investing.com report.

After the earnings report, UBS raised its price target on Opendoor from $1.30 to $1.60 but maintained a Neutral rating, lowering its full-year revenue and EBITDA estimates, as per the report. The firm also projected flat revenue growth in 2026 and ongoing difficulty breaking even on adjusted EBITDA, as reported by Investing.com.

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Keefe, Bruyette & Woods downgraded the stock from 'Market Perform to Underperform' due to the earnings results and lowered its non-GAAP EPS estimates for 2025 and 2026, as per the report.

Meanwhile, hedge funds Qube Research & Technologies and Weiss Asset Management disclosed major new investments in Opendoor in the second quarter, acquiring 12.5 million and 9.61 million shares, respectively, according to the Investing.com report.

FAQs

Why did Carrie Wheeler step down as Opendoor CEO?
The company did not provide a specific reason, but a formal CEO succession plan began earlier this year, as per the Investing.com report.

What’s next for Opendoor’s leadership?
An executive search is underway, assisted by Spencer Stuart, to find a permanent CEO, as per the Investing.com report.