Opendoor Nabs Execs From Google, LegalZoom For Management Staff
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 crew, 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 govt 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 out to be the corporate’s Chief Accounting Officer.
Freiha has served at Google and dad or mum firm Alphabet since July 2021. Earlier than that, he was a finance govt at eBay, the place he labored for 17 years.
“I’ve adopted Opendoor intently over the previous decade, and the corporate’s mission of simplifying actual property transactions is one which deeply resonates with me,” Freiha stated in a press release. “I’m energized to assist propel the following part of development and monetary efficiency at Opendoor and to proceed delivering worth for each clients and shareholders.”
Opendoor’s earlier CTO, Raji Subramanian, left the corporate a number of months in the past to start out a brand new AI-focused firm.
Radhakrishna was most not too long ago 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 hitch this distinctive crew and proceed constructing customer-centric options that simplify the advanced processes of shopping for and promoting houses,” Radhakrishna stated within the assertion. “Our aim is to make transferring simpler for everybody, and I can’t wait to assist drive that ahead.”
Freiha and Radhakrishna will be part of administration because the nation’s largest iBuyer seeks to seek out its path ahead amid an icy actual property market.
Opendoor, like different iBuyers, has struggled to take care of profitability in consumers’ and sellers’ markets.
Opendoor saw a net 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, based on a submitting made with the Securities and Trade Fee. He’ll be capable 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.
