Opendoor (OPEN) Slashes 9% on Market Pessimism, Leadership Changes

We recently published 10 Big Names Investors Are Dumping. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the worst performers on Wednesday.

Opendoor Technologies tumbled by 9.06 percent on Wednesday to finish at $6.12 apiece as investors took path from pessimism in the broader market, while digesting changes in its leadership composition.

In a regulatory filing earlier this week, Opendoor Technologies Inc. (NASDAQ:OPEN) announced the appointment of Lucas Matheson as president, effective Dec. 22, 2025, replacing Shrisha Radhakrishna, who temporarily assumed the role following the resignation of Carrie Wheeler as the company’s chief executive officer (CEO) this year.

Radhakrishna, however, will continue to serve as chief technology and product officer for the company.

Before joining Opendoor Technologies Inc. (NASDAQ:OPEN), Matheson served as CEO of Coinbase Canada Inc. for three years, as well as several directorship positions at Shopify.

In connection with his appointment, Opendoor Technologies Inc. (NASDAQ:OPEN) said that Matheson accepted the company’s formal offer that would entitle him to receive an annual base salary of $500,000 and a sign-on bonus of $200,000 on Jan. 1, 2026, subject to repayment if his employment terminates before his first year as president of the company.

He would also be eligible to receive severance payments under Tier 2 Executive.

On the first day of his employment, Opendoor Technologies Inc. (NASDAQ:OPEN) said that it would award Matheson with an award of performance restricted stock units amounting to $6 million, 20 percent of which will be vested on Apr. 15, 2026, with the remainder to be vested in quarterly installments, subject to his continued employment.

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Disclosure: None. This article is originally published at Insider Monkey.