Nezhatyan is leaving for an American real estate firm, where the salary could exceed US$2.6 billion.
Shopify Chief Operating Officer Kaz Nejatian is leaving the e-commerce company to become CEO of San Francisco-based real estate technology company Opendoor.
Nejatian's last day at Shopify will be September 12, according to regulatory filings. The rest of Shopify's executive team will assume his responsibilities going forward.
The company thanked Nejatian for his six years of contributions to the documentation, saying the remaining management team is “committed to ensuring a smooth transition.”
“Shopify has given millions of entrepreneurs the tools to transform their lives, their families and their communities. It is this platform approach that I hope to bring to Opendoor.”
Kaz Nejatyan
In a statement, Shopify spokesman Ben McConaughey said Nejatian has built important products and made merchant services “a core part of Shopify.”
“We are now entering an exciting arc in our history when [artificial intelligence] accelerating our progress and making the team stronger than ever,” the statement said.
Founded in 2006 in Ottawa, Shopify is an e-commerce platform that sells services to both small merchants and large businesses. It is Canada's second largest company by market capitalization, valued at approximately $260 billion.
Nejatian joined the company in 2019 as General Manager and Vice President of Shopify Money, served as Vice President of Products and Merchant Services, and was promoted to COO in 2022. Before Shopify, he briefly worked as a product manager at Facebook (now Meta) and co-founded Kash, a payments technology company.
IN publish on XNejatian called his move to Opendoor a “unique” opportunity to “reimagine what is possible in real estate.” Opendoor offers a digital real estate platform that allows you to buy homes, renovate, and list properties for sale.
“Shopify has given millions of entrepreneurs the tools to transform their lives, their families, and their communities,” Nejatian wrote. “This platform approach is what I hope to bring to Opendoor—to create a homeownership platform that opens opportunity for millions of families and strengthens the fabric of society.”
CONNECTED: Shopify Strengthens Product Design Team with Molly Studio Acquisition
Earlier this year Shopify roll up your programs They supported Black and Indigenous entrepreneurs and fired their associated teams that reported to Nejatian, Nejatian said. Logics. Former employees told BetaKit that they believed some of Nejatian's public statements were “anti-Indigenous.” They referred to his ardent protection Canadian historical figures such as Sir John A. MacDonald, the country's first prime minister, who was also architect boarding school systems.
In the early 2010s, Nejatian was a political staffer for Conservative MP Jason Kenney, who was federal immigration minister. He was fired for violation of fundraising rulesthen returned to Kenny's office as communications director.
Nejatyan also serves on the board of directors of the registered public policy charity True North, which he chaired in 2017. Along with his wife Candace, Malcolm Nejatian launched the right-wing Canadian media site True North (now renamed Juno News). True North came under fire last year when it posted and then deleted interview with a Proud Boys member. The group has been designated a terrorist organization in Canada.
The former Shopify executive will take over the reins of Opendoor from interim CEO Srisha Radhakrishna, who took over following the departure of CEO Carrie Wheeler in August. This followed GameStop style period Trading led by retail investors has sent the company's share price up more than 400 percent year to date.
According to Opendoor's regulatory filings, Nejatyan's compensation is contingent on Opendoor's share price reaching a target price of up to $33 over the next five years. Nezhatyan could be awarded nearly 82 million shares of common stock, which could result in compensation of more than US$2.6 billion. Because Nejatian has refused some compensation to Shopify, Opendoor is providing $15 million in cash, as well as $15 million in stock to be awarded to the CEO for nine months, the document said.
In 2024, Nejatian's total compensation at Shopify was just over $1 million, including base salary and stock-based compensation. It also received a grant of $75 million in restricted stock and options in December 2023.
Opendoor shares on Nasdaq have jumped nearly 80 percent from yesterday's closing price and are now trading around $10.50. Shopify shares fell slightly yesterday afternoon but are back up 2 percent today, trading at around $145 on the Nasdaq.
Disclosure: BetaKit's majority owner Good Future is the family office of two former Shopify leaders, Arati Sharma and Satish Kanwar.
Image by: Ramsey Cardy/Clash via Sportsfile. License: CC BY 2.0.
