COO Kaz Nejatian first arrived at the e-commerce company in September, 2019, as a vice-president and general manager of Shopify Money.Chris Young/The Canadian Press
Shopify Inc. SHOP-T chief operating officer and vice-president of product Kaz Nejatian is leaving the company to become the new chief executive officer of San Francisco-based real estate company Opendoor Technologies Inc.
Opendoor OPEN-Q, an online company that buys and sells residential real estate, makes cash offers for properties, repairs them and then relists them for sale. The company, worth US$4.3-billion, became the target of a group of activist investors who pushed the company’s stock up 946 per cent since the beginning of July while jostling for leadership change.
“It’s a privilege to become Opendoor’s leader,” said Mr. Nejatian in a press release. “Few life events are as important as buying or selling a home. With AI, we have the tools to make that experience radically simpler, faster, and more certain. That’s the future we’re building.”
Mr. Nejatian arrived at Ottawa-based e-commerce company Shopify in September, 2019, as a vice-president and general manager of Shopify Money, a team that developed various payment systems for the company’s customers. Mr. Nejatian was promoted to chief operating officer in the fall of 2022.
In an e-mail, Shopify spokesperson Ben McConaghy recognized Mr. Nejatian‘s six years with the company, “building products that matter and making merchant services a core part of Shopify.”
He said Shopify chief executive officer Tobi Lütke will “stay focused on product and the big picture,” supported by the company’s executive team.
In regulatory filings, the company thanked Mr. Nejatian for his contributions to the company, saying leadership was “ready to ensure a seamless transition.”
In 2024, Mr. Nejatian earned a US$800,000 base salary, and US$200,000 in share-based awards. In December of 2023, Mr. Nejatian received a US$75-million grant of restricted stock units and stock options, according to the company’s management information circular.
As of the end of 2024, Mr. Nejatian held in-the-money stock options with expiration dates between 2029 and 2032 worth $64.5-million.
Prior to his role at Shopify, Mr. Nejatian served as a political staffer for then-immigration minister Jason Kenney, a former Conservative MP.
Aside from of his work with Shopify, Mr. Nejatian has frequently gained attention for his association with the True North right-wing Canadian media website started by his wife, former Toronto Sun columnist Candice Malcolm. Mr. Nejatian is on the board of True North Centre for Public Policy, a charity connected with the media website.
In 2024, True North published then subsequently removed an interview with the founder of the Proud Boys, which Public Safety Canada describes as a “neo-fascist” terrorist organization associated with “white supremacist ideologies,” after reporting by news organization PressProgress.
True North continues to operate as a charity, in 2023 registering $2.3-million in revenue and $2.2-million in expenses, of which 90 per cent were used for charitable programs, according to the Canada Revenue Agency’s listing.
In early 2025, Shopify shut down teams aimed at supporting Black, Indigenous and female entrepreneurs. These teams have reported to Mr. Nejatian since late 2024, the Logic reported.
With a market capitalization of $255-billion as of Wednesday at market close, Shopify is the second largest company on the Toronto Stock Exchange, after the Royal Bank of Canada, worth $280-billion.
Editor’s note: An earlier version of this article incorrectly stated that, prior to his role at Shopify, Kaz Nejatian served as a political staffer in the Conservative Party under then-immigration minister Jason Kenney. Mr. Nejatian served as a staffer for Mr. Kenney, a former Conservative MP, when he was immigration minister. The article also incorrectly stated that Mr. Nejatian co-founded the True North media website with his wife, Candice Malcolm. Mr. Nejatian sits on the board of True North Centre for Public Policy, a charity that is connected with the media website, which his wife started.