Opendoor (OPEN) has named Shopify’s (SHOP) COO Kaz Nejatian as its next CEO, news that sent the online housing marketplace’s stock surging over 35% in premarket trading.
Opendoor is working to reinforce its reputation as a serious business after blowing up into a meme stock. Its shares tripled in July as new buyers rushed in, and have surged more than 250% this year so far.
Nejatian brings a track record in AI to the role, Opendoor said in a statement on Wednesday. It also said co-founders Keith Rabois and Eric Wu are returning to its board, with Rabois to take the role of chairman.
Previous CEO Carrie Wheeler stepped down in August, after Opendoor came under pressure from investors to oust her.