Six-year-old Opendoor ushered in a new era in residential real estate when it launched a website that allowed people to sell their homes online. While Opendoor still accounts for only a tiny portion of U.S. home sales, its business has grown rapidly and spawned numerous imitators, all betting that consumers will be willing to pay a premium to simplify what traditionally has been a drawn-out and fraught process.
But as Opendoor nears completion of a deal to go public, it has made significant changes to its senior executive ranks as it faces concerns about a lack of profits and long-term risks tied to the housing market. In recent months, Opendoor has hired executives from financial giants TPG, BlackRock and KKR for C-suite positions previously held by tech industry veterans. The new team will have to figure out how to gel while reigniting the business after the pandemic sharply curtailed activity this spring. Our org chart lays out the new power structure at the company.