Shopify COO Kaz Nejatian Exits For New Gig Leading AI-Powered Real Estate Platform Opendoor
Shopify Chief Operating Officer VP Product, Kaz Nejatian is stepping down on September 12 to take on a new leadership role as CEO of AI-powered real estate platform Opendoor.
The 8-K notice filed with the SEC today thanked Mr. Nejatian for his contributions to the company and assured investors that the rest of the executive team is ready to assume his responsibilities to ensure a seamless transition.
Nejatian joined Shopify from Facebook in 2019, as VP GM Shopify Money, then was promoted to VP Merchant Services in 2020 before becoming COO in 2022.
“Kaz spent six years with us, building products that matter and making merchant services a core part of Shopify. We’re now entering an exciting arc in our history, with AI speeding up our progress and a team that’s stronger than ever,” Shopify spokesperson Ben McConaghy told the Globe and Mail, adding the CEO Tobi Lütke will “stay focused on product and the big picture.”
While his soon to be former company didn't provide details of the reason for his departure, his soon to be new company, Opendoor, quickly put out a statement welcoming Nejatian as their next CEO.
Opendoor Technologies Inc. (Nasdaq: OPEN) today announced that Kaz Nejatian, Chief Operating Officer of Shopify, has been appointed Chief Executive Officer and member of the Board of Directors. Co-Founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking on the role of Chairman.
The Right Leader for the AI Era
Nejatian, a lawyer-turned-entrepreneur and product leader, is an AI-native executive with a track record of transforming products, teams, and companies at scale. He joins Opendoor after serving as Chief Operating Officer and Vice President of Product at Shopify, where since 2019 he helped build the teams and the products at one of the world’s most important commerce platforms.
He is an exceptional operator, known for driving significant operating leverage while increasing speed of execution. He is a leader in the craft of product management and has helped build products used by hundreds of millions of people every day.
Opendoor announced they were beginning the search for new leadership after Carrie Wheeler stepped down from the position last month.
“It’s a privilege to become Opendoor’s leader,” said Nejatian. “Few life events are as important as buying or selling a home. With AI, we have the tools to make that experience radically simpler, faster, and more certain. That’s the future we’re building.”
Stay tuned for updates in this developing story
