Opendoor Technologies Inc (NASDAQ:OPEN) said on Wednesday evening that it had named Shopify Inc (TSX:SHOP) operating head Kaz Nejatian as its new CEO, and that co-founder Keith Rabois will rejoin the company as chairman.
Opendoor’s shares surged 35% to $8.040 in aftermarket trading after the announcement, and were up substantially since hitting a record low in June.
Nejatian’s appointment comes after Carrie Wheeler resigned as Opendoor CEO in August, in response to increasing pressure from investors. Rabois and hedge fund manager Eric Jackson were among the ones calling for her ouster.
Nejatian currently serves as the chief operating officer at e-commerce platform Shopify, and will exit the company after September 12.
Opendoor is enjoying a surge in retail interest and is now regarded as a meme stock on its wild swings in valuation. Opendoor had slumped to a record-low market valuation of about $400 million in June, and is now worth over $6 billion.
Jackson had also publicly maintained a bullish position on the stock, drawing in retail interest from social media.
Opendoor was publicly listed in 2020 through a special purpose acquisition company. Its core business is an online platform for buying and selling real estate.
Source :
https://www.investing.com/news/stock-market-news/opendoor-taps-shopifys-nejatian-as-ceo-shares-jump-37-4234599
