Opendoor Hunts for CEO as Wheeler Steps Down, Lifting Shares (1)

Opendoor Technologies Inc., a real estate company that became a meme stock in recent months, said Chief Executive Officer Carrie Wheeler is stepping down immediately, an announcement that sent the stock surging.

Shrisha Radhakrishna has been named president and interim leader of Opendoor, the company said in a statement Friday.

Opendoor shares soared Friday, rising as much as 16% before paring the gain slightly. The stock was up about 9% to $3.32 at 11:36 a.m. in New York.

Wheeler approached the board in the middle of this year to begin a succession planning process. The company has retained Spencer ...