Offerpad Draws From Big Companies As iBuyer Prepares To Go Public
Four new members will join the iBuyer’s board later this year, including a Zillow executive and the former chief executive officer of Move, Inc.
Offerpad announced four new members with executive experience at high-profile companies will join its board of directors when the company goes public later this year.
Former and current executives joining Offerpad’s board include Katie Curnutte of Zillow, Sheryl Palmer of Taylor Morrison Home Corp., Ryan O’Hara of Move Inc., and Alexander Klabin of Sotheby’s Financial Services, the iBuyer announced Friday.
Offerpad is planning to go public in the third quarter of this year after it completes a merger with Supernova Partners, a special purpose acquisition company launched by former Zillow CEO Spencer Rascoff. A more precise timeline was not immediately available, spokesperson Cortney Read said.
Brian Bair, the company’s founder and CEO, will also assume the role of board chairman when the merger is complete.
Bair said he plans to utilize the expertise of these new voices, who have worked in corners of the industry that include homebuilding, real estate listings services, title insurance and communications.
“Offerpad’s new board of directors is comprised of accomplished entrepreneurs and business leaders with true operating experience at high-growth public companies,” Bair said in a statement to Inman. “These innovators from best-in-category real estate and tech organizations will support the navigation of Offerpad’s tremendous growth opportunity.”
Like other iBuyers this year, Offerpad saw year-over-year declines in revenue in the first quarter of 2021 even as sales improved from the previous three months.
After going public, the company’s focus will turn to growing its footprint in new and existing markets, Bair said in the statement.
Here’s what Offerpad’s board of directors is expected to look like after the company goes public. Names marked below with an asterisk (*) were announced Friday, and are expected to join the board later this year.
- Brian Bair — The founder and CEO of Offerpad will chair the company’s board of directors once the merger process is complete. Before launching Offerpad, he spent seven years at the helm of Bair Group Real Estate. He also co-founded Bridgeport Financial Services and Lexington Financial.
- Katie Curnutte* — This newly announced board member previously spent 11 years as senior vice president of Zillow’s communications and public affairs department. Curnutte left in 2019 to become founding partner of Kingston Marketing Group. She serves on the board of Supernova Partners, which will merge with Offerpad later this year.
- Ken DeGiorgio — Named president of First American Financial Corp. earlier this year, DeGiorgio is a current member of Offerpad’s board. DeGiorgio joined First American in 1999 and had served as executive vice president since 2010.
- Alexander Klabin* — Klabin, founder and CEO of financial services company Ancient Holdings, will join Offerpad’s board later this year. He was named executive chairman of Sotheby’s Financial Services in 2020, and is listed alongside Curnutte on the board of Supernova Partners.
- Ryan O’Hara* — The former chief executive of Move Inc. will join Offerpad’s board later this year as well. Move Inc. is the parent company of realtor.com. O’Hara is also a former board member of REA, the parent company of realestate.com.au.
- Sheryl Palmer* — Palmer is the chairman and CEO of Taylor Morrison Home Corp., one of the nation’s largest homebuilders. She has led the company for 14 years. She will join Offerpad’s board later this year.
- Roberto Sella — A current Offerpad board member, Sella is managing partner at LL Funds, an investment firm. His company helps clients with investing in asset-backed securities.