iBuyer Opendoor is shuffling its C suite around with news that Eric Wu is out as CEO. According to a company release, Wu will transition to to a new role as President, Marketplace, effective immediately.
Chief Financial Officer Carrie Wheeler will step in as Chief Executive Officer and will join the board.
“I am honored to have the opportunity to lead Opendoor as we transform the way to buy and sell real estate,” said Wheeler. “We’ve built a solid financial foundation with a strong balance sheet and liquidity position that sets us up to not just manage through this current housing cycle but emerge stronger with market leadership. We will be focused on continuing to drive operational excellence, enhancing our unit economics, and delivering a best-in-class customer experience. Furthermore, we are excited to continue to innovate and empower Eric to drive the development of our third-party marketplace.”
Christy Schwartz, who has served as Chief Accounting Officer since March 2021, has been named Interim Chief Financial Officer. The Company has initiated a search for a permanent CFO.
As we previously reported, Opendoor lost $928 million last quarter—way up from a loss of just $57 million in Q3 of last year.