Above, Carrie Wheeler
Opendoor, the e-commerce platform for residential real estate transactions, announced on August 15 that effective immediately, the Board has appointed Shrisha Radhakrishna as president and interim leader. Carrie Wheeler, Opendoor’s current CEO and chair of the board, has made the decision to step down from her roles with the company, also effective immediately. Wheeler will act as an advisor to the Board through the end of the year. The Board has elected Eric Feder, president of Len, Lennar Homes’ strategic investing arm, as lead independent director, according to Opendoor.
Opendoor, in a statement emailed to RISMedia, explained that “in conjunction with the company’s strategic evolution, Wheeler approached the board and they began a CEO succession planning process in mid-2025, retaining Spencer Stuart to assist with the process. The CEO search is underway.
“The company is well positioned to focus on its considerable data and unique assets in today’s high-tech AI world,” said Feder. “The board has confidence in the Opendoor team and has conviction in the strategy, including scaling Key Connections, the rollout of Cash Plus across our markets and continuous improvement of our core cash-offer business, and believes the company is creating long-term value for customers, agents and shareholders.
“We are deeply grateful for Carrie’s leadership and dedication to Opendoor over the past six years, first as a board member, then taking us public as CFO, and finally as our CEO,” Feder continued. “Carrie has always operated with the highest integrity, and leaves this company in a stronger position than when she took it over.”
“Leading Opendoor has been a true privilege,” said Wheeler in the statement. “We’ve built a stronger, more focused company, expanded our offerings, and set the stage for the future, all in one of the most challenging real estate markets in history. I believe now is the right moment for a leadership transition, and I’m confident the company is on a strong path forward.”
In a recent earnings call, it was made clear that there was an increase in stock shareholders in Opendoor as of late, seemingly a similar situation to the meme stock craze a few years back. Wheeler acknowledged the shareholder increase, saying that she and the company are grateful for the enthusiasm and welcome the engagement.
Opendoor’s stock soared more than 400% in July.
Opendoor reported a Q2 revenue of $1.6 billion, up 4% year-over-year and 36% higher than its $1.2 billion last quarter. Gross profit came in at $128 million, up from $99 million in Q1 and from $129 million last year. The net loss was also down in Q2, coming in at $29 million compared to $85 million last quarter and $92 million last year.
Also, several days ago, former Opendoor Co-Founder Keith Rabois expressed his displeasure with Wheeler in a post on social media site X (formerly Twitter).
“Not a single founder nor executive who built Opendoor to an IPO or billions of free cash flow or $18B of market cap supports Carrie as CEO,” he wrote.
Radhakrishna currently serves as Opendoor’s chief technology and product officer. According to the release, since joining in that role, he has rallied the organization around a simple mandate: ship game-changing products for customers, faster. The team has successfully reduced millions in infrastructure costs and launched entirely new experiences like Cash Plus, fundamentally changing Opendoor’s operating speed and how it delivers value.
“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,” said Radhakrishna.
As the company conducts its CEO search, Radhakrishna and Selim Freiha, chief financial officer, will report directly to the Board.
