Shrisha Radhakrishna, Opendoor’s chief technology and product officer, is taking over as president and interim leader. The company said its search for a permanent replacement is “well underway,” having begun a succession planning process after Wheeler approached the board earlier this year.

Opendoor CEO Carrie Wheeler's departure comes as retail investors pushed the stock up more than 200% in the last month.

Shrisha Radhakrishna has been named president and interim leader of Opendoor, the company said in a statement Friday. Opendoor shares soared Friday, rising as much as 16% before paring the gain slightly.