{"id":3742,"date":"2022-12-01T23:46:51","date_gmt":"2022-12-01T23:46:51","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/"},"modified":"2025-03-13T02:48:11","modified_gmt":"2025-03-13T02:48:11","slug":"opendoor-ceo-eric-wu-steps-down-amid-turbulence","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/","title":{"rendered":"Opendoor CEO Eric Wu steps down amid turbulence"},"content":{"rendered":"\n<p><strong>Opendoor Technologies<\/strong> CEO Eric Wu is stepping down at the iBuyer amid <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/opendoor-encounters-turbulence-as-the-housing-market-cools\/\" target=\"_blank\" rel=\"noreferrer noopener\">turbulence<\/a> in the housing market and <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/ibuyers-struggle-in-q3-while-operating-at-peak-uncertainty\/\" target=\"_blank\" rel=\"noreferrer noopener\">mounting financial losses<\/a>. <\/p>\n\n\n\n<p>Carrie Wheeler, the company&#8217;s chief financial officer, <a href=\"https:\/\/www.businesswire.com\/news\/home\/20221201006000\/en\/Opendoor-Appoints-CFO-Carrie-Wheeler-to-CEO-Co-Founder-and-CEO-Eric-Wu-Transitions-to-New-Role-as-President-Marketplace\" target=\"_blank\" rel=\"noreferrer noopener\">will ascend<\/a> to the role as CEO and Wu will become president of marketplace, the company said late Thursday. <\/p>\n\n\n\n<p>The news comes one day after Wu <a href=\"https:\/\/twitter.com\/Tyler_Okland_MD\/status\/1598078383899832320\" target=\"_blank\" rel=\"noreferrer noopener\">canceled<\/a> his scheduled presentation at the Credit Suisse annual technology conference in Scottsdale, Arizona on Wednesday. <\/p>\n\n\n\n<p>\u201cOver several years, I built conviction that our third-party marketplace is what homebuyers and sellers need, will fundamentally change how all homes are transacted and is a critical piece of Opendoor\u2019s future. Thus, I\u2019ve made the decision to focus my time and energy on building and delivering on this vision,\u201d Wu said in prepared remarks Thursday. \u201cMore importantly, I know firsthand that Carrie\u2019s depth of experience and leadership will be foundational to our success in this next chapter.\u201d<\/p>\n\n\n\n<p>Wheeler spent 21 years at private equity giant <strong>TPG<\/strong> and headed up the firm&#8217;s retail investments. She <a href=\"https:\/\/www.opendoor.com\/articles\/welcoming-carrie-wheeler-as-cfo\" target=\"_blank\" rel=\"noreferrer noopener\">joined<\/a> Opendoor in 2020. <\/p>\n\n\n\n<p>\u201cI am honored to have the opportunity to lead Opendoor as we transform the way to buy and sell real estate,\u201d Wheeler said in a statement Thursday. \u201cWe\u2019ve built a solid financial foundation with a strong balance sheet and liquidity position that sets us up to not just manage through this current housing cycle but emerge stronger with market leadership.\u201d<\/p>\n\n\n\n<p>Opendoor <a href=\"https:\/\/www.housingwire.com\/articles\/opendoor-atlanta-and-the-future-of-ibuying\/\" target=\"_blank\" rel=\"noreferrer noopener\">pioneered<\/a> the iBuying model, but is now one of only two large players still in the space (<strong>Offerpad<\/strong> being <a href=\"https:\/\/www.housingwire.com\/articles\/offerpad-says-its-cracking-the-ibuyer-code\/\" target=\"_blank\" rel=\"noreferrer noopener\">the other<\/a>). Opendoor lost nearly $1 billion in the third quarter and had to <a href=\"https:\/\/investor.opendoor.com\/financials-filings\/quarterly-reports\" target=\"_blank\" rel=\"noreferrer noopener\">write down inventory<\/a> by $573 million after losing money on thousands of home sales. It laid off <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/opendoor-cuts-18-of-its-workforce\/\" target=\"_blank\" rel=\"noreferrer noopener\">18% of its staff<\/a> and expects to lose money again in the fourth quarter. <\/p>\n\n\n\n<p>In addition to Wheeler becoming CEO and Wu transitioning to president, Andrew Low Ah Kee resigned as company president. <\/p>\n\n\n\n<p>The company has been trying to <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/opendoor-unveils-exclusives-an-amazon-like-marketplace-for-home-sales\/\" target=\"_blank\" rel=\"noreferrer noopener\">reinvent itself<\/a> somewhat in recent months. In the summer it launched Opendoor Exclusives, an online platform for homebuyers to browse and buy properties being sold by the iBuyer. Last month, the company announced that it would be <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/opendoor-opens-its-exclusives-platform-to-home-sellers\/\" target=\"_blank\" rel=\"noreferrer noopener\">opening the platform<\/a> to home sellers as well.<\/p>\n\n\n\n<p>The properties listed on the platform are on a first-come, first-serve basis, which eliminates bidding wars, price negotiations and the need for real estate love letters. Prospective homebuyers can use the online platform to reserve and fill out a contract for the home. In addition, Opendoor says that homebuyers may back out of the purchase at any time and receive a full refund on their earnest money deposits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Opendoor Technologies CEO Eric Wu is stepping down at the iBuyer amid turbulence in the housing market and mounting financial losses.<\/p>\n","protected":false},"author":11941,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[773],"class_list":["post-3742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Opendoor CEO Eric Wu steps down amid turbulence - RealTrends - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opendoor CEO Eric Wu steps down amid turbulence\" \/>\n<meta property=\"og:description\" content=\"Opendoor Technologies CEO Eric Wu is stepping down at the iBuyer amid turbulence in the housing market and mounting financial losses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - Blog\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2025\/03\/9ced5ef4-69ab-4ba7-a7cd-ec49be7b274d.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"James Kleimann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@jameskleimann\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Kleimann\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/\"},\"author\":{\"name\":\"James Kleimann\",\"@id\":\"https:\/\/www.realtrends.com\/blog\/#\/schema\/person\/ee55cc58e48987d495a67ad2bcc2d357\"},\"headline\":\"Opendoor CEO Eric Wu steps down amid turbulence\",\"datePublished\":\"2022-12-01T23:46:51+00:00\",\"dateModified\":\"2025-03-13T02:48:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/\"},\"wordCount\":441,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.realtrends.com\/blog\/wp-content\/uploads\/sites\/9\/2025\/03\/9ced5ef4-69ab-4ba7-a7cd-ec49be7b274d.png\",\"articleSection\":[\"Archive\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/#respond\"]}],\"isAccessibleForFree\":\"False\",\"hasPart\":{\"@type\":\"WebPageElement\",\"isAccessibleForFree\":\"False\",\"cssSelector\":\".wp-block-housingwire-piano-member\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/\",\"url\":\"https:\/\/www.realtrends.com\/blog\/2022\/12\/01\/opendoor-ceo-eric-wu-steps-down-amid-turbulence\/\",\"name\":\"Opendoor CEO Eric Wu steps down amid turbulence - 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