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Opendoor opened its fourth quarter with news that it was welcoming new members to its leadership team, adding a pair of tech executives as its new chief financial officer and chief technology officer.
The company announced on Tuesday that it had hired Selim Freiha to serve as its chief financial officer and Shrisha Radhakrishna to serve as its chief technology and product officer. Both will begin in November.
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Freiha replaces Christy Schwartz, who had been serving in an interim capacity since Dec. 1, 2022, when the company last shook up its executive leadership. Schwartz replaced now-CEO Carrie Wheeler, who replaced Opendoor co-founder Eric Wu in the top position.
Schwartz will continue as CFO until Freiha begins on Nov. 4. She’ll then become the company’s Chief Accounting Officer.
Freiha has served at Google and parent company Alphabet since July 2021. Before that, he was a finance executive at eBay, where he worked for 17 years.
“I’ve followed Opendoor closely over the past decade, and the company’s mission of simplifying real estate transactions is one that deeply resonates with me,” Freiha said in a statement. “I’m energized to help propel the next phase of growth and financial performance at Opendoor and to continue delivering value for both customers and shareholders.”
Opendoor’s previous CTO, Raji Subramanian, left the company a few months ago to start a new AI-focused company.
Radhakrishna was most recently the 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-employed products.
“I’m thrilled to join this exceptional team and continue building customer-centric solutions that simplify the complex processes of buying and selling homes,” Radhakrishna said in the statement. “Our goal is to make moving easier for everyone, and I can’t wait to help drive that forward.”
Freiha and Radhakrishna will join management as the nation’s largest iBuyer seeks to find its path forward amid an icy real estate market.
Opendoor, like other iBuyers, has struggled to maintain profitability in buyers’ and sellers’ markets.
Opendoor saw a net loss of $92 million in the second quarter of this year. That was down from a positive income of $23 million during the second quarter of 2023.
Freiha will receive a sign-on bonus of $750,000 and an annual salary of $500,000, according to a filing made with the Securities and Exchange Commission. He’ll be able to earn an annual bonus of 50 percent of his annual salary. He’ll also receive 3.8 million shares that will vest next November.
The SEC filing didn’t specify Radhakrishna’s pay package.
