Eric Wu to leave Opendoor at the end of the year

Opendoor founder Eric Wu is leaving the iBuying giant, according to a document filed with the Securities and Exchange Commission on Friday.

The filing states that Wu announced his decision to resign as the firm’s president of marketplace and from the board of directors, effective Jan. 1, 2024, on Thursday. Wu will remain as an advisor to Opendoor and the firm’s board of directors moving forward. According to the filing, Wu’s resignation “was not due to any disagreement with the Company, its management, or other members of the Board.”

Wu initially served as Opendoor’s CEO, however he left this role in early December 2022, moving into a new position as president of marketplace. In this role, Wu oversaw Opendoor’s Exclusives Marketplace.

“After ten years, I am called to get back to my startup roots and create and build again,” Wu said in a statement. “I’m humbled by this accomplishment and grateful for all my teammates who helped shape the product, culture, and company.”

Opendoor’s current vice president and general manager Merav Bloch will oversee the management of Opendoor Exclusives after Wu’s departure. Carrie Wheeler, who took over the CEO role last year, will retain her position.

Wu founded Opendoor in 2014 and brought the company public in December 2020. Over the past three years, the iBuying giant has struggled with its financial performance, riding out the highs and lows of the COVID-19 pandemic housing market. During the second quarter of 2023, the firm managed to generate a net income of $23 million, however the tide turned in Q3 2023, with the company reporting a $106 million net loss.