Offerpad, an online home flipper based in Chandler, Arizona, has hired former AT&T executive Peter Knag as chief financial officer effective June 5. 

Peter Knag

Knag is a former EVP and CFO of Turner Broadcasting System, which owns CNN, TNT, and TBS. Previously with AT&T, he joined Turner in June 2018 following AT&T’s acquisition of Time Warner. He later served as EVP of WarnerMedia Finance from 2020 to 2022, overseeing financial planning and reporting, global procurement, risk management and more.

Before Turner, Knag worked at the telecommunications company AT&T for more than 18 years, starting in 1999 as an analyst of international business development and leaving in 2018 as VP of merger planning. 

Knag joins Offerpad as a permanent replacement of Jawad Ahsan, who departed as CFO in December 2023 after just five months with the company. Since then, Offerpad SVP of finance James Grout has served as interim principal finance officer.

Offerpad, whose core service consists of technology-enabled home speculation, or IBuying, is trying to regain its footing after a post-Covid run of high home-price appreciation tapered off drastically in the back half of 2021.

To cope with falling demand for its cash-buying service, Offerpad has lately branched out into home-renovation services and home acquisition on behalf of third-party investors.

In Q1 2024, Offerpad’s revenue was down 53% year on year to $285 million, but it had trimmed its net loss 71% y-o-y to $17.5 million.

Read the full hiring announcement here.

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