Opendoor Technologies Inc.: president steps down, chief executive officer named president

What happened Opendoor Technologies Inc. announced that Lucas Matheson will step down as the Company’s President, effective Oct 21, 2026. The Company and Mr. Matheson executed a transition agreement dated Oct 21, 2026.

Pursuant to the Matheson Transition Agreement, Mr. Matheson will continue to be employed in a non-executive role as an Advisor to the Chief Executive Officer through Jul 15, 2027, on substantially the same terms and with substantially the same compensation. If his employment terminates on Jul 15, 2027, or is terminated prior to that date for any reason other than by the Company for cause, he will be entitled to receive his base salary through Jul 15, 2027 plus severance under the Company’s Executive Severance Plan.

Key details

• Kaz Nejatian, age 44, was appointed to serve as the Company’s President, effective Oct 21, 2026, in addition to his roles as Chief Executive Officer and member of the Board.
• Mr. Matheson’s transition agreement is dated Oct 21, 2026; the agreement will be filed as an exhibit to a subsequent periodic report.
• If terminated on or before Jul 15, 2027 (other than by the Company for cause), Mr. Matheson is entitled to base salary through Jul 15, 2027 plus severance under the Executive Severance Plan.
• The filing references the Company’s definitive proxy statement filed Apr 28, 2026 for background on Mr. Nejatian and certain related person transactions; Mr. Nejatian’s compensation is not expected to change with his appointment.

Why it may matter The filing reports Item 5.02 (Departure of Directors or Certain Officers; Election of Directors), which covers changes in executive officers and board membership. A filing does not show why the insider traded or why the company acted.