Opendoor names Kaz Nejatian CEO

Opendoor Technologies (OPEN) announced that Kaz Nejatian, Chief Operating Officer of Shopify (SHOP), has been appointed Chief Executive Officer and member of the Board of Directors. Co-Founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking on the role of Chairman. “Literally there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor,” said Rabois, Chairman. “He is a decisive leader who has driven product innovation at scale, ruthlessly reduced G&A expenses to drive profitability and deeply understands the potential for AI to radically reshape a company’s entire operations. He is a proven executive with a founder’s brain. He is the right leader to unlock Opendoor’s unique data and assets as we build on Opendoor’s original mission, now enhanced as an AI-first company. The future of home buying and selling is now in the chat.” The Company also announced the appointments of Opendoor co-founders Keith Rabois, Managing Director at Khosla Ventures, and Eric Wu, co-founder of NavigateAI, to the Board of Directors, effective immediately. Rabois will assume the role of Chairman, and Eric Feder will continue in his role as Lead Independent Director. Opendoor has entered into securities purchase agreements with Khosla Ventures and Mr. Wu to invest $40M of equity capital through a private investment in the company. The Company intends to use the proceeds to fund continued investment in the business.