The last few months have reinforced what we’ve always believed at Opendoor: consumers want and need a digital-first experience to buy and sell a home that delivers superior convenience, control and certainty. For our customers, certainty means knowing exactly what their house is worth, how much equity they can unlock, and the ability to move with confidence and peace of mind. Pricing homes accurately is foundational to building our world-class business and building our trusted, more transparent, and more seamless experience.
Today, I’m thrilled to share that Daniel Morillo will join us as our first Chief Investment Officer, to lead our pricing and data science efforts. As we look at our future plans to expand nationwide and service every single homeowner in the U.S., it is critical that we continue to deliver homeowners accurate and competitive offers for all home shapes, sizes, conditions and price points. Daniel will oversee the strategy and development of our pricing capabilities, as well as our data science initiatives. Additionally, his experience will continue to deepen our analytical expertise in growth and marketing, product analytics and operational efficiency.
Before Opendoor, Daniel spent the last two decades immersed in risk, modeling and asset management at some of the world’s biggest investment companies. Most recently, he was the Managing Director and Head of Equity Quantitative Research at Citadel, where he was responsible for the research and analytics that underlie much of the firm’s equities platform and for systematically-managed portfolios worth tens of billions of dollars in assets. Previously, Daniel served as the Global Head of Investment Research for iShares and the co-head of BlackRock’s Model and Portfolio Solutions group, where he oversaw research and engineering work on ETFs operating across the full iShares fund platform. At BlackRock, he was also responsible for $50 billion of quantitatively-managed assets across dozens of countries. Daniel earned a BS degree in economics from Universidad San Fran de Quito in 1995, a MS degree in statistics from the University of Illinois in 1998, and a PhD in econometrics from the University of Illinois in 2000.
Daniel has the energy and passion needed in a startup environment and the ambition to transform the largest asset class in the U.S. Finding seasoned executives like Daniel with the depth and breadth of experience who care deeply about our mission is rare, and I’m excited to partner with him.
Buying or selling a home is one of the biggest financial transactions a person will make in their lifetime. It is moments like these when we can add exceptional executive talent to our team that give us the opportunity to deliver on our mission and build a generational company.
Eric Wu is CEO and co-founder of Opendoor.