Adam Wiener, Redfin’s president of real estate services, is leaving the brokerage after nearly 16 years of service, CEO Glenn Kelman announced in an email sent to employees on Tuesday. His last day at the company will be Friday, Sept. 8.
During his tenure, Wiener first served as a product manager for agent tools. He then went on to run the partner program, analytics, marketing and a variety of new businesses. Finally, he was in charge of Redfin real estate services revenue.
The next step for Wiener remains unknown; however, Kelman says that he is confident that he will continue to be successful.
“Within a year, Adam will probably be running his own show at another company also poised to conquer the world. He has long been ready to do that,” wrote Kelman in an email.
Kelman acknowledged that Wiener’s departure would be a loss for Redfin, calling him one of the “most hard-working and creative folks you’ll ever meet.”
While no other executive announcements were made, Kelman said that Wiener’s departure would yield new opportunities for current Redfin leaders. The company will not be hiring an executive to replace Wiener.
“Redfin will keep changing. We couldn’t keep doing things the way we’ve done with Adam, and we shouldn’t try. Change is necessary and good,” said Kelman.
Furthermore, Wiener will continue to serve as an advisor to Redfin until June 1, 2024, GeekWire reported. His severance package will include $450,000, or 12 months of his base salary; $84,375, which is 25% of his target annual bonus; and $18,910 for one year of health insurance premiums.
Kelman closed his memo by expressing his optimism for the year to come while acknowledging Redfin’s steady recovery from the housing downturn.
In a housing market with elevated mortgage rates and low inventory, Redfin’s second quarter revenue was $275.6 million, a decrease of 21% compared to the second quarter of 2022. It also went through a number of layoffs in the last year.
Source: housingwire.com