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pendoor has named former Shopify COO Kaz Nejatian as its new chief executive officer, succeeding Carrie Wheeler who stepped down on Aug. 15 amid pressure from activist investors. Nejatian, a lawyer‑turned‑entrepreneur who most recently led product at Shopify and founded the payment firm Kash, will also join the board. The company said he is “the right leader for the AI era.”

    In the same announcement, Opendoor welcomed back co‑founders Keith Rabois and Eric Wu to the board. Rabois, who helped launch the company in 2013, praised Nejatian as a decisive leader who has driven large‑scale product innovation, cut G&A costs to boost profitability, and understands AI’s transformative power. Wu, who left the company in Dec. 2023 after stepping down as CEO, will bring “founder DNA” at a critical time.

    Nejatian expressed enthusiasm for his new role, noting that AI can make buying or selling a home “radically simpler, faster, and more certain.” He sees Opendoor’s AI focus as the future of real‑estate transactions.

    Wheeler’s resignation followed a period of intense scrutiny. Activist investors had pushed the stock higher, helping the company avoid Nasdaq delisting, and had called for leadership change after Opendoor posted its first quarter adjusted EBITDA profit since 2022. Wheeler, who had led the company through a crisis and an 18% staff reduction, posted a LinkedIn note celebrating the transformation she had overseen and announcing her succession plan. After her exit, Chief Technology & Product Officer Shrisha Radhakrishna served as interim president while the board searched for a permanent CEO.

    With Nejatian at the helm and the founding duo back on the board, Opendoor aims to accelerate its AI‑driven strategy and unlock the value of its data and assets, building on its original mission while embracing new technology.