Online home flipper Offerpad has hired tech industry veteran Jawad Ahsan as its new CFO. He replaces Mike Burnett, who saw the company through an auspicious IPO in 2021 and a subsequent reversal of fortunes.

Jawad Ahsan

Burnett will serve as an Offerpad advisor until August 1 to help with the transition.

Ahsan (LinkedIn profile) most recently served as president of FreePower, a vendor of an innovative battery-charging technology. Before that, he worked five years as CFO of Axon, which provides policing agencies with body cameras and non-lethal defense weapons. Ahsan “was instrumental in helping grow Axon’s market cap from $1 billion to over $13 billion,” according to the hiring announcement

Before that, Ahsan spent 13 years in various roles at General Electric, including as CFO for Centricity, GE Healthcare’s electronic health record and enterprise software businesses. 

Ahsan serves on the board of directors of FARO Technologies and previously was a board member of STORE Capital Corporation before its sale to GIC. 

“Jawad is a highly regarded CFO with extensive experience and an accomplished career. I believe his strengths and expertise will add significant value to Offerpad by helping drive profitable growth and improving our operational excellence,” Offerpad chairman and CEO Brian Bair wrote in the announcement.

Ahsan, with an MBA from MIT’s Sloan School of Management, takes over Offerpad’s finances as it struggles to stay afloat in a housing market that’s been tough on IBuying companies. Zillow and Redfin have bailed on the niche, while the leading U.S. IBuyer Opendoor tries to boost its sagging revenues with a new business model.

A market darling during the post-lockdown pandemic, Offerpad saw its revenue peak at $1.4 billion in Q1 2022. In the quarters since then, the company’s top line has steadily shrunk.

 For Q1 2023, OfferPad posted a net loss of $59.4 million, and its revenue of $609.6 was down 56% year on year. The company bought 364 homes during the quarter, a plunge of 87% y-o-y, and sold 1,609, 55% down.

Its gross profit per home sold fell by 88% from $36,700 to $4,500 during the timeframe.

Print Friendly, PDF & Email

Related Articles