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Adam Wiener Steps Down As Redfin’s President Of Real Estate Service

Real Estate Service

Redfin’s president of real estate services, Adam Wiener, is leaving the real estate giant nearly 16 years after he joined the company. In an email sent to employees on Tuesday, the company’s CEO, Glenn Kelman, announced that his last day at the company will be Friday, Sept 8.

During his tenure, Adam first served as a product manager for agent tools. He then went on to run the partner program, analytics, marketing, an array of new businesses, and, finally, Redfin revenue.Kelman is confident that Wiener will remain prosperous but recognizes that there is still uncertainty regarding his future while it remains unknown.In the email, Kelman wrote, “Within a year, Adam will probably be running his own show at another company also poised to conquer the world. He has long been ready to do that.” He also wrote that, “We know with Adam’s departure what Redfin will lose. He’s one of the smartest, kindest, most hard-working and creative folks you’ll ever meet.”Although no other executive announcements were made, Kelman stated that Adam’s departure would create new opportunities for current leaders. The company will not be hiring an executive to replace Wiener. “Redfin will keep changing. We wouldn’t keep doing things the way we’ve sone with Adam, and we shouldn’t try. Change is necessary and good,” said Kelman.GeekWire reported that Adam Wiener will continue to serve as an advisor in the company until June 1, 2024. His severance package will include $450,000, or 12 months of his base salary, $84,375, which is 25% of his target annual bonus. Additionally, he is set to make $18,910 from health insurance premiums for one year.Kelman closed his memo by expressing his optimism for the year to come while addressing Redfin’s steady recovery from the housing downturn.Adam’s departure comes as Redfin navigates through a slow housing market with rising mortgage rates and record-low inventory. The real estate giant’s second-quarter revenue was $725.6 million, a colossal 21% drop compared to the second quarter of 2022. The company has gone through multiple rounds of layoffs over the past year.