In announcing the shift, Wu wrote: “First, I believe that an important driver of shareholder value is the discovery and refinement of product market fit, and I want to spend my days, nights, and weekends delivering products that address consumer needs. Second, and more importantly, I’ve spent countless hours with Carrie, and I know she is the leader and executive Opendoor needs.” 

Wheeler will join Opendoor’s board, of which Wu will continue to serve as a member. John Rice, who has served on the company’s board since 2021, has been appointed lead independent director.

At that time, Wu said his company was navigating “one of the most challenging real estate markets in 40 years.”

Founders include Wu and Founders Fund general partner Keith Rabois.

When one door closes … Opendoor CEO Eric Wu steps down, CFO Carrie Wheeler steps in as new chief executive by Mary Ann Azevedo originally published on TechCrunch