Opendoor Appoints CFO Carrie Wheeler to CEO; Co-Founder and CEO Eric Wu Transitions to New Role as President, Marketplace

Opendoor Technologies Inc. (“Opendoor”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced changes to the executive leadership team and Board of Directors, including the appointment of Chief Financial Officer Carrie Wheeler as Chief Executive Officer and the transition of Eric Wu to a new role as President, Marketplace, effective immediately. Ms. Wheeler will join the Board and Mr. Wu will continue to serve as a member of the Board. John Rice, who has served on the Opendoor Board since 2021, has been appointed Lead Independent Director. In connection with these changes, Opendoor has expanded the size of its Board to nine directors.

“I am honored to have the opportunity to lead Opendoor as we transform the way to buy and sell real estate,” said Ms. 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.”

“Over several years, I built conviction that our third-party marketplace is what homebuyers and sellers need, will fundamentally change how all homes are transacted and is a critical piece of Opendoor’s future. Thus, I’ve made the decision to focus my time and energy on building and delivering on this vision,” said Mr. Wu. “More importantly, I know firsthand that Carrie’s depth of experience and leadership will be foundational to our success in this next chapter.”

Ms. Wheeler served as CFO of Opendoor for the last two years and as a member of the Company’s Board prior to that. She brings deep financial acumen and operating insight to her role, coupled with her 25 years in private equity and board experience across numerous consumer companies. In her new role, Ms. Wheeler will work closely with the Board and management team to execute Opendoor’s mission to build the largest, most trusted platform for residential real estate.

“These leadership changes enable Opendoor to focus on both financial and operational excellence while continuing to innovate and lead disruptive change for the real estate industry,” said John Rice, Opendoor Board Lead Independent Director. “Carrie is a seasoned executive capable of managing and growing the business, while Eric will return to his founder roots as he focuses on building and redefining the real estate experience.”