Opendoor Technologies, Inc. (NASDAQ:OPEN) CEO Carrie Wheeler abruptly stepped down on Friday morning. Investors reacted positively to the news, and the stock rose following her announcement.
- OPEN stock is climbing on Friday. Watch the price action and chart here.
Opendoor CTPO Shrisha Radhakrishna will assume the role of president and interim CEO, effective immediately. A formal search for a permanent successor is currently underway.
The company stated that the CEO transition process began earlier in 2025 with the board engaging the executive search firm Spencer Stuart to assist. Wheeler will remain as an advisor to the board through the end of the year to help ensure a smooth transition.
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Activist Investors
Wheeler oversaw Opendoor’s turnaround, starting in 2023.
“We went from $1 billion in losses when I took over, to announcing our first quarter of positive EBITDA in three years this past quarter,” Wheeler wrote on X. “To everyone who helped steady this ship: thank you.”
Wheeler's departure comes following mounting pressure from investors and market volatility exacerbated by activist investor Eric Jackson's vocal involvement in the stock and the company.
Jackson had been openly critical of Wheeler and publicly pressed for a leadership overhaul due to his concerns about Wheeler's engagement and Opendoor's strategic direction.
Anthony Pompliano, crypto investor and financial influencer, also recently announced a stake in Opendoor and called for the Wheeler to elaborate on her plans and strategies for the company. He had an interview with Wheeler scheduled for early next week.
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Retail Investors
Pompliano shared his bullish view on OPEN and praised the power of individual investors to effect change within a company.
"I believe retail investors are a powerful force in financial markets. They can help a company grow, generate new ideas, and bring valuable attention to a narrative," Pompliano wrote in a post on X.
Following Wheeler's resignation, Pompliano posted again.
"Wow. $OPEN CEO Carrie Wheeler just stepped down. Power to the people," he wrote.
Wheeler’s exit is viewed as a necessary move by many stakeholders, especially after a period of underwhelming financial performance and calls for a more decisive business strategy.
As the company prepares for its next phase, investors will be watching Opendoor's board to select a leader who can revitalize growth and restore stability.
OPEN Stock Price
Opendoor shares were moving higher on heavy trading volume Friday as investors digested the news.
OPEN stock has gained 72% this week and was trading at $3.37 at the time of publication, according to data from Benzinga Pro.
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