Opendoor creator Eric Wu is leaving the iBuying giant, according to a file submitted with the Securities and Exchange Commission on Friday.
The filing specifies that Wu revealed his choice to resign as the company’s president of market and from the board of directors, reliable Jan. 1, 2024, on Thursday. Wu will stay as a consultant to Opendoor and the company’s board of directors moving on. According to the filing, Wu’s resignation “was not due to any argument with the Business, its management, or other members of the Board.”
Wu at first worked as Opendoor’s CEO, nevertheless he left this function in early December 2022, moving into a brand-new position as president of market. In this function, Wu supervised Opendoor’s Exclusives Market
” After 10 years, I am contacted us to return to my start-up roots and produce and develop once again,” Wu stated in a declaration. “I’m humbled by this achievement and grateful for all my colleagues who assisted form the item, culture, and business.”
Opendoor’s present vice president and basic supervisor Merav Bloch will supervise the management of Opendoor Exclusives after Wu’s departure. Carrie Wheeler, who took control of the CEO function in 2015, will maintain her position.
Wu established Opendoor in 2014 and brought the business public in December 2020. Over the previous 3 years, the iBuying huge has actually had problem with its monetary efficiency, riding out the low and high of the COVID-19 pandemic real estate market Throughout the 2nd quarter of 2023, the company handled to create an earnings of $23 million, nevertheless the tide kipped down Q3 2023, with the business reporting a $106 million bottom line.