Offerpad cofounder Jerry Coleman is stepping down from his role as one of the two co-chief executive offers (co-CEOs) of the homebuying startup, leaving his partner and fellow cofounder Brian Bair 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 will stay on 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.”
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.”
Bair and Coleman co-founded Offerpad, an iBuyer working to compete with Opendoor and Zillow Instant Offers, in 2015. The Arizona company buys and resells homes in eight markets nationwide. It recently raised another $ 150 million in equity and debt funding, and unveiled a major redbranding.
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.