Longtime Redfin executive Adam Wiener is leaving the Seattle-based real estate giant, nearly 16 years after he joined the company.
Redfin CEO Glenn Kelman announced the news in a memo to employees on Tuesday that was posted to the company’s blog.
“He joined us in 2007 as a product manager for agent tools, then ran our partner program, analytics, marketing, a variety of new businesses, and, finally, Redfin revenue,” Kelman wrote. “He did everything for Redfin, and gave everything too.”
Wiener’s last day will be Sept. 8; he’ll continue serving as an advisor until June 1 of next year. Wiener will receive a $450,000 severance (12 months of his base salary); $84,375, or 25% of his target annual bonus; and $18,910 in a year of health insurance premiums.
Kelman said the company doesn’t plan to replace Wiener’s role.
“We couldn’t keep doing things the way we’ve done with Adam, and we shouldn’t try,” he wrote. “Change is necessary and good.”
Kelman called Wiener “one of the smartest, kindest, most hard-working and creative folks you’ll ever meet.”
Wiener’s departure comes as Redfin navigates a slow housing market, with rising mortgage rates and record-low inventory. Redfin has seen its stock fall by nearly 40% this month. The company has gone through multiple rounds of layoffs over the past year.
In the memo, Kelman said the company’s business “has begun to recover from the housing downturn, and it will do even better in 2024.”
Update: Wiener shared his email to colleagues in a LinkedIn post.
Previously: Redfin’s chief economist on the real estate market; mortgage rates; climate risk; housing affordability
