Opendoor Appoints Kaz Nejatian as CEO; Co-Founders Return to Board

Opendoor Technologies has appointed Kaz Nejatian, former Chief Operating Officer of Shopify, as its new Chief Executive Officer. Nejatian succeeds Carrie Wheeler, who stepped down last month amid shareholder pressure during the company's turnaround efforts.

Co-founders Keith Rabois and Eric Wu have rejoined the Board of Directors, with Rabois assuming the role of Chairman. Lead Independent Director Eric Feder stated that their return "will inject the 'founder DNA' and energy at a pivotal moment for Opendoor."

Additionally, Rabois' venture capital firm, Khosla Ventures, along with Wu, have entered into securities purchase agreements to invest $40 million in Opendoor. The company plans to utilize these funds "to fund continued investment in the business."