Opendoor Technologies Inc. ("Opendoor") (NASDAQ: OPEN) has recently appointed David Benson, the former president of Fannie Mae, to its board of directors, effective immediately. Mr. Benson will also serve on the audit committee of the board.
During his tenure as president of Fannie Mae, which lasted from August 2018 until his retirement in May 2024, Mr. Benson played a critical leadership role in modernizing the company's business model and leading it to record levels of profitability. He also pioneered the formation of Common Securitization Solutions, a cloud-native platform that enables the $7 trillion mortgage-backed securities market to achieve enhanced levels of liquidity and standardization.
Opendoor CEO and board director Carrie Wheeler expressed her excitement about the appointment, citing Mr. Benson's three decades of leadership in the single-family residential real estate space, along with his deep understanding of the capital markets and regulatory landscape.
This move comes as Opendoor continues to build the largest, most trusted e-commerce platform for residential real estate transactions, providing people across the U.S. with a simple and certain way to sell and buy a home.
The addition of Mr. Benson to the board is expected to bring industry insights and operating expertise to Opendoor as they continue to innovate and provide customer-centric solutions in the residential real estate market. The market has reacted to these announcements by moving the company's shares 3.0% to a price of $2.25. If you want to know more, read the company's complete 8-K report here.
