Opendoor's Wheeler Departs, Replaced as CEO by Radhakrishna

Carrie Wheeler has left her role as CEO at Opendoor as the struggling iBuyer chases breakeven.

Wheeler, who came in as CEO in 2022, has been replaced by Chief Technical and Product Officer Shrisha Radhakrishna, with Wheeler remaining at Opendoor in an advisory capacity until the end of 2025.

Radhakrishna becomes the third CEO at Opendoor in three years, after founder Eric Wu resigned after a disastrous Q3 2022 that saw Opendoor lose nearly $1 billion.

An announcement by the company said:

In conjunction with the company’s strategic evolution, Ms. Wheeler approached the Board of Directors and they began a CEO succession planning process in mid-2025.

Eric Feder, board member and independent director at Opendoor, commented:

"We are deeply grateful for Carrie’s leadership and dedication to Opendoor over the past six years—first as a board member, then taking us public as CFO, and finally as our CEO.

"Carrie has always operated with the highest integrity and leaves this company in a stronger position than when she took it over.”

Speaking on her personal LinkedIn page last week, Wheeler said:

"Today, I am stepping down as CEO of Opendoor.

"When the Board of Directors asked me to take on this role at the end of 2022, the company was in crisis. The real estate market was punishing, the business needed a reset, and the path forward was uncertain. My mandate was clear: stabilize the company and do what was necessary to survive. Of course, I said yes – because I believed in Opendoor.

"It wasn’t easy, and it wasn’t about glamorous headlines, but we stopped the bleeding. We restructured the business, rebuilt an exceptional leadership team, set a bold vision for long-term value creation, and reshaped the company for the future—all against the backdrop of one of the toughest real estate markets on record. We went from $1 billion in losses when I took over, to announcing our first quarter of positive EBITDA in three years this past quarter."

Opendoor has stuck to its guns as a dedicated iBuyer, making instant cash offers on homes, making repairs on the property, and relisting them for sale at a profit.

At least, that's how it works in theory. But a slew of companies exiting the space—including Zillow in North America and Casavo in Europe—plus Opendoor's ongoing financial difficulties, continue to test the feasibility of that theory.

Opendoor laid off circa 300 employees in the same week that saw the American iBuyer record losses of $78 million, in November 2024—taking headcount reduction past 1,400 job losses since 2023.

And despite narrowing losses in Q1 2025, Opendoor continues to operate at a loss, including more than $1 billion in losses in 2022, $275 million in 2023 and $392 million in 2024. The company's struggles led to a delisting warning from the New York Stock Exchange this summer; however, speculative investors helped take Opendoor's share price back above the minimum threshold at the beginning of August.

Opendoor has shifted its model away from heavy investment in property purchases, focusing on generating revenue from leads and referrals instead of turning a profit on sales.