Opendoor Technologies Inc. announced that Lucas Matheson will become President, effective December 22, 2025, and that Christy Schwartz will be promoted to Chief Financial Officer, effective January 1, 2026. Matheson joins the company from a background as CEO of Coinbase Canada and a senior executive role at Shopify, while Schwartz has served as Opendoor’s interim CFO and has held multiple finance leadership positions within the company since 2022.
Matheson’s appointment is intended to accelerate Opendoor’s transition to an AI‑driven, asset‑light real‑estate platform. In his new role he will oversee corporate development, financial planning and analysis, and emerging strategic initiatives, including the company’s exploration of blockchain technology and tokenization of real‑estate assets. His experience in fintech and e‑commerce is seen as a fit for the company’s technology‑centric growth strategy.
Schwartz’s promotion reflects confidence in her deep knowledge of Opendoor’s financial operations. As CFO she will lead capital management, budgeting, and investor relations, building on her work as interim CFO during a period of significant restructuring. The internal promotion signals continuity and a focus on disciplined cost control as the company navigates a challenging housing market.
Opendoor’s Q3 2025 results provide context for the leadership change. Revenue fell to $915 million, down from $1.4 billion in Q3 2024, while the net loss widened to $90 million from $78 million. Gross margin contracted to 7.2% from 7.6% year‑over‑year, reflecting pricing pressure and higher operating costs. The new leadership team is tasked with reversing margin compression and restoring revenue growth through technology investments and operational efficiencies.
The company’s “Opendoor 2.0” strategy, which positions it as a software and AI company rather than a traditional iBuyer, is a key driver behind the appointments. The new President will spearhead the development of AI‑powered tools such as pricing intelligence engines and repair co‑pilot solutions, while the CFO will focus on capital allocation to support these initiatives and manage the company’s debt load. Together, they aim to achieve breakeven adjusted net income on a 12‑month go‑forward basis by the end of 2026.
Management emphasized the importance of the new team. CEO Kaz Nejatian said, “This is the team for the next version of Opendoor, one built for speed, clarity, and impact.” Schwartz added, “We looked everywhere. We talked to CFOs from nearly every sector. And we realized the person with the deepest command of our business, the trust of every team, and the bias for action we need was already here.” Matheson noted, “Real estate is one of the last major asset classes that hasn’t been touched by the financial innovation happening everywhere else. Opendoor has already proven you can reimagine how people buy and sell homes. I’m here to help execute on what’s next.”
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