The corporate has employed Selim Freiha to function its chief monetary officer and Shrisha Radhakrishna to function its chief know-how and product officer.
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Opendoor opened its fourth quarter with information that it was welcoming new members to its management staff, including a pair of tech executives as its new chief monetary officer and chief know-how officer.
The corporate introduced on Tuesday that it had employed Selim Freiha to function its chief monetary officer and Shrisha Radhakrishna to function its chief know-how and product officer. Each will start in November.
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Freiha replaces Christy Schwartz, who had been serving in an interim capability since Dec. 1, 2022, when the corporate final shook up its government management. Schwartz changed now-CEO Carrie Wheeler, who changed Opendoor co-founder Eric Wu within the high place.
Schwartz will proceed as CFO till Freiha begins on Nov. 4. She’ll then turn into the corporate’s Chief Accounting Officer.
Freiha has served at Google and mother or father firm Alphabet since July 2021. Earlier than that, he was a finance government at eBay, the place he labored for 17 years.
“I’ve followed Opendoor closely over the past decade, and the company’s mission of simplifying real estate transactions is one that deeply resonates with me,” Freiha stated in an announcement. “I’m energized to help propel the next phase of growth and financial performance at Opendoor and to continue delivering value for both customers and shareholders.”
Opendoor’s earlier CTO, Raji Subramanian, left the corporate a number of months in the past to begin a brand new AI-focused firm.
Radhakrishna was most just lately the chief product and know-how officer at LegalZoom. Earlier than that, he spent greater than a decade at Intuit, pioneering the event of QuickBooks on-line and self-employed merchandise.
“I’m thrilled to join this exceptional team and continue building customer-centric solutions that simplify the complex processes of buying and selling homes,” Radhakrishna stated within the assertion. “Our goal is to make moving easier for everyone, and I can’t wait to help drive that forward.”
Freiha and Radhakrishna will be part of administration because the nation’s largest iBuyer seeks to search out its path ahead amid an icy actual property market.
Opendoor, like different iBuyers, has struggled to keep up profitability in consumers’ and sellers’ markets.
Opendoor noticed a internet loss of $92 million within the second quarter of this 12 months. That was down from a constructive revenue of $23 million in the course of the second quarter of 2023.
Freiha will obtain a sign-on bonus of $750,000 and an annual wage of $500,000, in keeping with a submitting made with the Securities and Alternate Fee. He’ll have the ability to earn an annual bonus of fifty % of his annual wage. He’ll additionally obtain 3.8 million shares that can vest subsequent November.
The SEC submitting didn’t specify Radhakrishna’s pay bundle.
