SAN FRANCISCO, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (NASDAQ:OPEN) today announced that Kaz Nejatian, Chief Operating Officer of Shopify, has been appointed Chief Executive Officer and member of the Board of Directors. Co-Founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking on the role of Chairman.

The Right Leader for the AI Era

Nejatian, a lawyer-turned-entrepreneur and product leader, is an AI-native executive with a track record of transforming products, teams, and companies at scale. He joins Opendoor after serving as Chief Operating Officer and Vice President of Product at Shopify, where since 2019 he helped build the teams and the products at one of the world's most important commerce platforms. He is an exceptional operator, known for driving significant operating leverage while increasing speed of execution. He is a leader in the craft of product management and has helped build products used by hundreds of millions of people every day.

"Literally there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor," said Rabois, Chairman. "He is a decisive leader who has driven product innovation at scale, ruthlessly reduced G&A expenses to drive profitability and deeply understands the potential for AI to radically reshape a company's entire operations. He is a proven executive with a founder's brain. He is the right leader to unlock Opendoor's unique data and assets as we build on Opendoor's original mission, now enhanced as an AI-first company. The future of home buying and selling is now in the chat."

"It's a privilege to become Opendoor's leader," said Nejatian. "Few life events are as important as buying or selling a home. With AI, we have the tools to make that experience radically simpler, faster, and more certain. That's the future we're building."

Opendoor Going Into Founder Mode with Nejatian as CEO and Rabois and Wu Board Appointments

The Company also announced the appointments of Opendoor co-founders Keith Rabois, Managing Director at Khosla Ventures, and Eric Wu, co-founder of NavigateAI, to the Board of Directors, effective immediately. Rabois will assume the role of Chairman, and Eric Feder will continue in his role as Lead Independent Director.

"Rabois and Wu, who co-founded Opendoor in 2013, will inject the "founder DNA" and energy at a pivotal moment for Opendoor. They are passionate about our community and we're excited to welcome them back to the Board," stated Feder.

"Opendoor's mission is more relevant than ever," added Wu. "Homeowners deserve a better system, and with Kaz's vision, mentality and creativity, I'm confident he can lead Opendoor's next chapter and build a category-defining company."

Along with Mr. Rabois' and Mr. Wu's appointments to the Board, Pueo Keffer and Glenn Solomon have stepped down from the Board of Directors.

Feder continued, "We are grateful to Pueo and Glenn for their many contributions to the company and their dedication to Opendoor and our shareholders." 

Khosla Ventures and Eric Wu Invest $40 million in Opendoor Equity to Accelerate Growth

Opendoor has entered into securities purchase agreements with Khosla Ventures and Mr. Wu to invest $40 million of equity capital through a private investment in the Company. The Company intends to use the proceeds to fund continued investment in the business.

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