Opendoor Technologies Inc. (NASDAQ:OPEN) shares are trading higher Friday after CEO Carrie Wheeler stepped down, a move that drew strong reactions from both institutional and retail investors.

What To Know: Chief Technology and Product Officer Shrisha Radhakrishna has been appointed as president and interim CEO while the board, with the help of executive search firm Spencer Stuart, conducts a formal search for a permanent replacement. Wheeler will remain as an advisor through year-end to aid the transition.

Her departure follows months of mounting pressure from activist investor Eric Jackson, who had criticized her strategic approach, and public calls for leadership change from high-profile investors such as Anthony Pompliano. Pompliano, who disclosed a stake in Opendoor, described the resignation as a win for retail investors, posting, "Power to the people."

According to J.P. Morgan, the leadership change is taking place as Opendoor transitions from a single cash-offer operator to a broader real estate platform offering sellers multiple options, including cash offers, traditional listings, and a hybrid "Cash Plus" service. The firm maintained its view that Opendoor's value proposition, making home selling simple and fast, remains intact, but stressed the importance of appointing a leader capable of navigating ongoing housing market challenges and executing the business model transformation.

Opendoor's stock has surged more than 500% since hitting an all-time low on June 25 2025, supported heavily by retail investors.

OPEN Price Action: Opendoor Technologies shares were up 11.85% at $3.40 at the time of writing, according to Benzinga Pro.

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