Glenn Kelman, CEO of Redfin since 2005, is leaving his position effective this Friday, following the company's recent acquisition by Rocket Companies for $1.75 billion. His departure comes as Redfin prepares to enter a new phase of integration under Rocket's ownership.
Kelman will remain in an advisory capacity until April 1, 2024, while Varun Krishna, CEO of Rocket Companies, will oversee Redfin during the transition period until a new leader is appointed. In a communication to employees, Kelman expressed his gratitude for Rocket's leadership and mentioned his intention to pursue opportunities outside of real estate.
Under Kelman's guidance, Redfin evolved from a small startup to a prominent player in the national real estate market, going public in 2017 with a valuation of $1.73 billion. Krishna emphasized Rocket's commitment to Redfin's growth, highlighting plans for increased investment and innovation to enhance the company's future.