Residential real estate ecommerce platform Opendoor Technologies Inc. will bid farewell to its founder at the start of the New Year, according to a document filed with the Securities and Exchange Commission Dec. 14.
President of Marketplace Eric Wu announced he would be resigning from the firm and its board of directors effective Jan. 1, 2024.
“Eric has taken the radical idea of simplifying life’s biggest and most complex transaction – buying and selling a home – and transformed it into a fully digital, streamlined experience on a world-class technology platform,” Opendoor CEO Carrie Wheeler said in a statement. “Together, and with his leadership over the years, we’ve built something impactful that’s helped over 250,000 people move with simplicity and certainty. I want to thank Eric for his courage, innovation, and grit over the years. Opendoor would not be here without him and his unwavering commitment to our customers.”
Wu, who founded Opendoor in 2014, will remain as an advisor to the company going forward, the filing indicated. “Mr. Wu’s resignation was not due to any disagreement with the Company, its management, or other members of the Board,” read the document.
The announcement came just over one year after Wheeler, then-chief financial officer - took over as the company’s CEO, with Wu stepping into his current role.
“Ten years ago, we founded Opendoor with the simple goal of making buying and selling a home a few taps,” Wu said. “Today, over 250,000 individuals and families have trusted us to simplify their largest transaction, we have changed an entire category, and we have built the foundation for the next decade of innovation and growth. I’m humbled by this accomplishment and grateful for all my teammates who helped shape the product, culture, and company. After ten years, I am called to get back to my startup roots and create and build again. But more importantly, I will remain an advisor to the Board and organization and I know the company is in good hands with our leadership team and the hundreds of teammates focused and deeply committed to our mission.”
Opendoor reported a third quarter 2023 earnings net income loss of $106 million, versus $928 million Q3 2022 and $23 million Q2 2023 net losses.
