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

Opendoor Technologies has appointed Kaz Nejatian, former Chief Operating Officer at Shopify, as its new Chief Executive Officer. Nejatian, who also founded the payment technology company Kash, is set to lead Opendoor's transition into an AI-first real estate platform.

Co-founders Keith Rabois and Eric Wu have rejoined the company's board of directors, with Rabois assuming the role of Chairman. Their return is intended to infuse the company with "founder DNA and energy" at a pivotal moment.

In conjunction with these leadership changes, Khosla Ventures and Eric Wu have invested $40 million in Opendoor through a private purchase, aimed at accelerating the company's growth and innovation efforts.

Nejatian's compensation package includes a base salary of $1 and two performance-based restricted stock unit awards totaling over 81 million shares. These awards are tied to stock price milestones ranging from $6.24 to $33 per share, vesting over five years. Additionally, he will receive $30 million in make-whole awards, comprising $15 million in cash and $15 million in restricted stock units, vesting in nine months.

Following the announcement, Opendoor's stock surged over 78%, closing at $10.49, reflecting investor confidence in the new leadership and strategic direction.

Nejatian expressed his vision for the company, stating, "With AI, we have the tools to make that experience radically simpler, faster, and more certain. That's the future we're building."

These developments mark a significant shift for Opendoor as it aims to redefine the home buying and selling experience through advanced technology and leadership.