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Adam Wiener, Redfin’s president of real estate services, is leaving the company after nearly 16 years of service, CEO Glenn Kelman announced in an email sent to employees on Tuesday. His last day at the company will be Friday, Sept. 8.
During his tenure, Wiener had a hand in almost a little bit of everything, Kelman suggested, including agent tools, partner programs, analytics, marketing, new ventures and Redfin revenue.
Glenn Kelman
Without specifying a next move for Wiener, Kelman wrote, “Within a year, Adam will probably be running his own show, at another company also poised to conquer the world. He has long been ready to do that.”
Redfin did not immediately respond to a request for comment from Wiener.
Kelman acknowledged Wiener’s departure would be a big loss for the company, calling him one of the “most hard-working and creative folks you’ll ever meet.” But Kelman also framed the change as an opportunity for Redfin, noting that the company would not be hiring someone to replace him.
“That’s what we’re losing,” Kelman wrote. “But it’s my job also to remind you what we’ll gain. Leaders will gain new responsibilities; we don’t plan on hiring a president to take Adam’s place.”
“And Redfin will keep changing,” Kelman continued. “We couldn’t keep doing things the way we’ve done with Adam, and we shouldn’t try. Change is necessary and good. What won’t change is what Redfin has been asking of our agents. We still want you to show up to the first tour, to follow up with calls in between tours, to write up every offer. And we still trust you to find a way to win.”
Wiener will continue to serve as an advisor to Redfin until June 1, 2024, GeekWire reported. His severance package will include $450,000, or 12 months of his base salary; $84,375, which is 25 percent of his target annual bonus; and $18,910 in one year of health insurance premiums.
Before closing out his memo, Kelman also reminisced about late nights at the office, burrito runs and and physical runs with Wiener over the years, saying he’s never felt “lonely at the top” while working with Wiener.
“Among the type of people whom Adam and I grew up with, there is a word reserved for only the most considerate, honorable, humble people,” Kelman wrote. “Adam is a mensch.”
Kelman closed by asserting that Redfin has begun to recover from the recent housing downturn and was poised for an even stronger performance in 2024. Amidst rising mortgage rates and low inventory, Redfin’s stock has dropped by nearly 40 percent this month. It has also gone through a number of layoffs in the last year.
