Opendoor names CEO Kaz Nejatian president after Matheson steps down

Lucas Matheson has stepped down as president of Opendoor Technologies Inc., and CEO Kaz Nejatian has been appointed to assume the president title in addition to his current roles, the company disclosed in a filing on Wednesday with the Securities and Exchange Commission (SEC).

Matheson’s departure from the president role was effective Oct. 21, 2026. According to the company’s disclosure, he entered into a transition agreement on the same date and will continue as advisor to the CEO through July 15, 2027, in a non-executive capacity.

Under the transition agreement, Matheson will remain employed on substantially the same terms and compensation he received as president. If his employment ends on July 15, 2027, or is terminated earlier by the company without cause, he will receive his base salary through July 15, 2027, plus severance benefits under Opendoor’s Executive Severance Plan.

As part of the leadership change, Opendoor’s board appointed Nejatian to serve as president immediately. Nejatian will hold the president role alongside his existing positions as chief executive officer and member of the board. The company said it does not expect Nejatian’s compensation to change in connection with the additional title.

The move further consolidates operational and strategic decision-making with Opendoor’s CEO at a time when large single-family transaction platforms are managing through elevated rate volatility and slower existing-home sales.

During the second quarter of 2026, Opendoor generated $883 million in revenue, down from the $1.567 billion it reported during the second quarter of 2025.  In addition to the decline in revenue, Opendoor reported a net loss of $162 million, up from the $29 million net loss it recorded a year ago. 

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