Opendoor's CEO Now Also Holds The President Title As Lucas Matheson Moves To Advisor Role
Matheson stays on as an advisor to the CEO through July 15, 2027, and Kaz Nejatian's pay is not expected to change.
Opendoor President Lucas Matheson stepped down on Wednesday, and the board gave the job to CEO Kaz Nejatian, who now holds both titles, according to an 8-K filed with the SEC. Nejatian also remains a director.
What the 8-K says
The filing says Opendoor announced Matheson's exit from the president's role on October 21, effective the same day. The board appointed Nejatian, 44, to serve as president in addition to his roles as chief executive and board member.
Nejatian's compensation is not expected to change with the appointment, the company said in the filing. It points readers to the annual proxy filing of April 28, 2026 for his background and related-person transactions.
Matheson is not leaving the payroll. He signed a transition agreement dated October 21 under which he stays employed in a non-executive role as Advisor to the Chief Executive Officer through July 15, 2027, on substantially the same terms and with substantially the same compensation.
What it changes
The president's role is no longer a separate seat. One executive now holds the top two titles, and the filing names no replacement.
If Matheson's employment ends on July 15, 2027, or the company ends it earlier for any reason other than cause, he is entitled to base salary through July 15, 2027, plus severance under the Company's Executive Severance Plan.
Opendoor shares closed at $1.95 in Wednesday trading, down about 5%. That session ended before the filing was accepted at 5:28 p.m. ET, so the close does not reflect it.
What to watch
The full Matheson transition agreement will be filed as an exhibit to a later periodic report. The filing gives no date for that report.
The 8-K's description of Matheson's terms is qualified by the full agreement, which has yet to be made public.
Sources
- 8-K Filing — Opendoor Technologies Inc. (OPEN) — SEC EDGAR
