The company hired Selim Freiha to serve as its chief financial officer and Shrisha Radhakrishna to serve as its chief technology and product officer.
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Opendoor opened its fourth quarter with news that it welcomed new members to its leadership team, adding technology executives as its new chief financial officer and chief technology officer.
The company announced on Tuesday that it has hired Selim Freiha to serve as its chief financial officer and Shrisha Radhakrishna to serve as its chief technology and product officer. Both will start in November.
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Freiha replaces Christy Schwartz, who has served on an interim basis since December 1, 2022, when the company last shook up its senior leadership. Schwartz replaces CEO Carrie Wheeler, who replaced Opendoor founder Eric Wu in the executive role.
Schwartz will continue as CFO until Freiha starts on Nov. 4. He will then become the Chief Financial Officer of the company.
Freiha has worked at Google and parent company Alphabet since July 2021. Prior to that, he was chief financial officer at eBay, where he worked for 17 years.
“I’ve followed Opendoor closely over the past decade, and the company’s mission to simplify real estate transactions resonates deeply with me,” Freiha said in a statement. “I am excited to help drive the next phase of growth and financial performance at Opendoor and continue to deliver value to customers and shareholders.”
Opendoor’s previous CTO, Raji Subramanian, left the company a few months ago to start a new company focused on AI.
Radhakrishna was most recently chief product and technology officer at LegalZoom. Before that, he spent more than a decade at Intuit, pioneering the development of QuickBooks online and self-service products.
“I am excited to join this exceptional team and continue to build customer-focused solutions that simplify the complex processes of buying and selling homes,” Radhakrishna said in a statement. “Our mission is to make travel easier for everyone, and I can’t wait to help drive that forward.”
Freiha and Radhakrishna will join management as the country’s largest iBuyer seeks to find a way forward amid a frozen real estate market.
Opendoor, like other iBuyers, has struggled to maintain profitability in the buyers’ and sellers’ markets.
Opendoor saw a net loss of 92 million rands in the second half of this year. That was down from $23 million in revenue in the second quarter of 2023.
Freiha will receive a $750,000 signing bonus and an annual salary of $500,000, according to a filing with the Securities and Exchange Commission. He will be able to earn an annual bonus of 50 percent of his annual salary. He will also receive 3.8 million shares that will vest next November.
The SEC filing did not specify Radhakrishna’s pay package.
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