Offerpad co-founder Jerry Coleman is stepping down from his role as one of the two co-CEOs of the homebuying startup, leaving his partner and fellow co-founder Brian Bair to reign as the company’s sole CEO.
Offerpad announced the change abruptly on Tuesday morning in a press release touting other new hires to its leadership team. Coleman, also a co-founder of rental giant Invitation Homes, will stay on at Offerpad as a board member and “will focus on capital raising and high-level initiatives and relationships,” according to the release.
“The company is evolving quickly at every level. I’m excited to expand our leadership team to continue providing our customers with the best way to buy and sell a home,” Bair said in a statement. “New additions, along with adjustments to our current structure, will further enhance Offerpad’s capabilities and facilitate company growth.”
Bair has consistently been ranked as the No. 2 real estate agent in the country in terms of transaction sides in recent years, according to real estate data ranking service Real Trends.
When asked why Coleman stepped down as co-CEO, Offerpad spokeswoman Cortney Read told Inman: “We’ve made many changes to our expand our executive team. The adjustment to Jerry’s role will allow him to exclusively focus on raising capital and managing investor relationships.”
Along with this change, Offerpad announced the hiring of Rahim Lakhani as chief operating officer and chief of staff, the April hiring of Arindam Bose as chief product and analytics officer, and the move of Matt Bohn from chief operating officer to chief strategy officer.
Bair and Coleman co-founded Offerpad in 2015 with $260 million. The Arizona company buys and resells homes in eight markets nationwide, giving sellers instant cash offers for their homes on-demand while taking service fees between 6 percent and 13 percent if they go through with the transaction, a category of startups dubbed by investment banking firm Evercore ISI as “iBuyers.”
Other iBuyers include Opendoor, Knock and Zillow Instant Offers, all of which now compete with Offerpad in various markets. Offerpad was previously a partner of Zillow’s, but the two companies had a falling out earlier this year after Zillow announced it would buy and sell homes directly with its own money.
Offerpad recently raised another $150 million in equity and debt funding and unveiled a major rebranding.