- Keith Rabois, Opendoor’s new chairman, said the company he co-founded needs to slash its workforce as much as 85% to fix its cost structure.
- Rabois returned to Opendoor this week, when the company named former Shopify executive Kaz Nejatian as its new CEO.
- “There’s 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them,” Rabois told CNBC.
Opendoor
co-founder and newly minted board chair Keith Rabois said remote work and a “bloated” workforce have been a drag on the company’s culture, as he vowed to slash headcount.
“There’s 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them,” Rabois told CNBC’s “Squawk on the Street” on Friday.
The online real-estate platform on Wednesday appointed former Shopify
executive Kaz Nejatian as its new CEO after investor pressure caused his predecessor, Carrie Wheeler, to resign last month. Opendoor, which is based in San Francisco, also named Rabois as chairman and said Eric Wu, who served as the company’s first CEO before stepping down in 2023, would return to the board.