Eric Wu, co-founder and CEO of Opendoor, is stepping down as head of the iBuyer, which is grappling with massive losses and a plummeting stock price and faces a slowing housing market.
Wu is being replaced by Carrie Wheeler, who’s been Opendoor’s CFO since 2020 and previously worked at private equity firm TPG Global.
Wu is not leaving the company. He will head up Opendoor’s marketplace product, which he said in a statement “will fundamentally change how all homes are transacted and is a critical piece of Opendoor’s future.”
The San Francisco-based company reported a net loss of $928 million in the third quarter — more than 17 times what it lost in the second quarter. Much of that loss was attributed to a $573 million writedown in home values, the firm said in a letter to shareholders, describing the adjustment as a “conservative forward view.” Its revenues for the quarter were $3.4 billion, down from $4.2 billion in the second quarter, and its stock has fallen nearly 90 percent this year.