Adam Wiener, Redfin’s president of actual property companies, is leaving the brokerage after practically 16 years of service, CEO Glenn Kelman introduced in an email despatched to staff on Tuesday. His final day on the firm shall be Friday, Sept. 8.
Throughout his tenure, Wiener first served as a product supervisor for agent instruments. He then went on to run the associate program, analytics, advertising and marketing and a wide range of new companies. Lastly, he was answerable for Redfin actual property companies income.
The following step for Wiener stays unknown; nonetheless, Kelman says that he’s assured that he’ll proceed to achieve success.
“Inside a yr, Adam will most likely be working his personal present at one other firm additionally poised to overcome the world. He has lengthy been prepared to do this,” wrote Kelman in an electronic mail.
Kelman acknowledged that Wiener’s departure can be a loss for Redfin, calling him one of many “most hard-working and artistic people you’ll ever meet.”
Whereas no different govt bulletins have been made, Kelman stated that Wiener’s departure would yield new alternatives for present Redfin leaders. The corporate is not going to be hiring an govt to switch Wiener.
“Redfin will maintain altering. We couldn’t maintain doing issues the way in which we’ve completed with Adam, and we shouldn’t attempt. Change is important and good,” stated Kelman.
Moreover, Wiener will proceed to function an advisor to Redfin till June 1, 2024, GeekWire reported. His severance bundle will embody $450,000, or 12 months of his base wage; $84,375, which is 25% of his goal annual bonus; and $18,910 for one yr of medical insurance premiums.
Kelman closed his memo by expressing his optimism for the yr to return whereas acknowledging Redfin’s regular restoration from the housing downturn.
In a housing market with elevated mortgage charges and low stock, Redfin’s second quarter income was $275.6 million, a lower of 21% in comparison with the second quarter of 2022. It additionally went by way of a lot of layoffs within the final yr.