Opendoor has appointed Shrisha Radhakrishna as president and interim leader of the company.
“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,” he said.
Wheeler’s exit comes amid a wild summer for Opendoor’s stock. In July, the stock surged after being promoted by meme stock subreddits and other social media operatives. On July 21 Opendoor shares were trading for $3.31, a shocking 429% rise in just one week. Just two days later, the price had fallen to a low point of $2.05 — a drop of nearly 50% in just a few hours of trading. On Thursday the stock price saw another surge of 25% to $3.03 a share and is trading around $3.29 on Friday morning.
In addition to the other changes, Opendoor’s board has also elected Eric Feder, president of LenX, Lennar Homes’ investing arm, as Lead Independent Director.
“The company is well-positioned to focus on its considerable data and unique assets in today’s high-tech AI world. 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,” said Feder.
As part of the company’s shift, Wheeler approached the board in mid-2025 to begin a CEO succession planning process, with Spencer Stuart retained to assist. The search is underway.
“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,” added Feder. “Carrie has always operated with the highest integrity and leaves this company in a stronger position than when she took it over.”
Wheeler remarked that leading Opendoor was a “privilege.”
She continued, “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.”
As the company conducts its CEO search, Radhakrishna and Selim Freiha, chief financial officer, will report directly to the board.