Opendoor CEO Kaz Nejatian to Take Over as President After Matheson Departure

Opendoor Technologies Inc. filed a Form 8-K with the Securities and Exchange Commission on October 21, 2026, disclosing that Lucas Matheson is stepping down as President, effective immediately. The Tempe, Arizona-based firm stated that Matheson will transition to a non-executive role as an Advisor to the Chief Executive Officer.

The transition agreement, dated October 21, 2026, stipulates that Matheson will remain employed through July 15, 2027. During this period, he will work under substantially the same terms and compensation structure as his previous executive position. The filing notes that if his employment ends on July 15, 2027, or if it is terminated before that date for any reason other than for cause by the company, Matheson is entitled to receive his base salary through the end date plus severance under the company's Executive Severance Plan. The full text of the agreement will be filed as an exhibit to a subsequent periodic report.

Simultaneously with Matheson's departure, the company's Board of Directors appointed Kaz Nejatian to serve as President, effective October 21, 2026. Nejatian, 44, will assume this new responsibility in addition to his existing duties as Chief Executive Officer and his position on the Board of Directors. The company stated that Nejatian's compensation is not expected to change as a result of this appointment.

Opendoor Technologies Inc. is listed on The Nasdaq Stock Market LLC under the trading symbol OPEN for its common stock. The company also has three series of warrants trading on the exchange: Series K Warrants (OPENW), exercisable at $9.00 per share; Series A Warrants (OPENL), exercisable at $13.00 per share; and Series Z Warrants (OPENZ), exercisable at $17.00 per share. The filing was signed by Kaz Nejatian in his capacity as Chief Executive Officer.