Redfin's president of real estate operations to depart

Adam Wiener, president of real estate operations at Seattle-based Redfin Corp. (Nasdaq: RDFN), is leaving the real estate tech company Sep. 8.

Redfin disclosed the move in a Tuesday filing with the Securities and Exchange Commission. Wiener started with Redfin in 2007 as a product manager, CEO Glenn Kelman said in an all-staff email shared to the company's website.

"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," Kelman said in the email. "And Redfin will keep changing. We couldn’t keep doing things the way we’ve done with Adam, and we shouldn’t try. Change is necessary and good."

A Redfin spokesperson didn't say where Wiener is heading after Redfin. In his email, Kelman said in a year Wiener "will probably be running his own show, at another company also poised to conquer the world."

Wiener will continue to work for Redfin as an adviser through June 1, 2024. Kelman added that the company doesn't plan to hire a replacement for Wiener, but remaining teams will have to take more initiative.

Redfin is paying Wiener a $450,000 cash severance, a full year of his base salary. The company is also paying him a quarter of his target annual bonus, or $84,375, as well as one year of health insurance premiums, or $18,910.

Wiener has been Redfin's president of real estate operations for more than two years, before which he spent about six years as chief growth officer, according to his LinkedIn page. Before joining Redfin in 2007, he spent about five years at Microsoft as a program manager.

"I can’t help but say how much I’ll miss Adam," Kelman wrote in his email. "People say it’s lonely at the top, but I’ve never felt that way working with Adam. I’ll always think of him as my friend."

Redfin, which launched in 2006, offers brokered listings, a home search tool, mortgages and a service for high-end homes called Redfin Premier. The company started listing rentals in March 2022 after acquiring Atlanta-based RentPath for $608 million in 2021.

Redfin has gone through multiple rounds of layoffs since June 2022, as the housing market struggles against rising interest rates and decreased homebuying demand. In November, Redfin shuttered its home-flipping business RedfinNow, in which the company bought homes, did renovations and sold them for a profit.

Redfin generated $275.6 million in revenue during the second quarter, down from $349.0 million during the second quarter of 2022.