The company has announced the appointment of Selim Freiha as its new chief financial officer and Shrisha Radhakrishna as its chief technology and product officer.
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Opendoor has kicked off its fourth quarter with the announcement of new additions to its leadership team, appointing two tech executives to key positions as its new CFO and CTO.
The company revealed on Tuesday that Selim Freiha will be stepping in as CFO and Shrisha Radhakrishna as CTO and product officer. Both will assume their roles in November.
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Freiha is taking over from Christy Schwartz, who has been serving in an interim capacity since Dec. 1, 2022, after the last executive reshuffle at the company. Schwartz will transition to the role of Chief Accounting Officer once Freiha joins on Nov. 4.
Freiha previously worked at Google and parent company Alphabet starting from July 2021. Prior to that, he held finance roles at eBay for 17 years.
“I’ve been closely following Opendoor for the past decade, and the company’s mission of simplifying real estate transactions deeply resonates with me,” Freiha stated. “I’m excited to contribute to the next phase of growth and financial performance at Opendoor, delivering value for customers and shareholders.”
Opendoor’s former CTO, Raji Subramanian, departed the company a few months back to launch a new AI-focused venture.
Radhakrishna most recently held the position of chief product and technology officer at LegalZoom. Before that, he spent over a decade at Intuit, spearheading the development of QuickBooks online and self-employed products.
“I am excited to join this exceptional team and continue developing customer-centric solutions that simplify the complexities of buying and selling homes,” Radhakrishna expressed in the statement. “Our aim is to make the moving process easier for everyone, and I look forward to driving that mission forward.”
Freiha and Radhakrishna’s appointments come as the nation’s largest iBuyer seeks to navigate its way forward in a challenging real estate market.
Like other iBuyers, Opendoor has faced challenges in maintaining profitability in fluctuating market conditions.
Opendoor reported a net loss of $92 million in the second quarter of this year, a decline from a positive income of $23 million in the second quarter of 2023.
Freiha will receive a sign-on bonus of $750,000, an annual salary of $500,000, and the opportunity to earn an annual bonus of 50% of his salary. Additionally, he will receive 3.8 million shares that will vest in November next year.
The SEC filing did not disclose Radhakrishna’s compensation package.
Email Taylor Anderson