Peter Knag joined the company at a time when the real estate market was down and iBuying seemed to have lost some of its popularity.
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Offerpad this week announced the appointment of a new chief financial officer, amid a tough housing market and investor skepticism that has sent its shares to new lows.
Peter Nagle
Peter Knag joins Offerpad after holding leadership positions at various media and communications companies. He spent 18 years at AT&T, eventually rising to vice president of merger planning, according to his LinkedIn page.
After AT&T acquired Time Warner in 2018, Knag remained with the company, serving in roles including executive vice president and chief financial officer of subsidiary Turner Broadcasting System, parent of CNN, TNT and other brands, and finance for WarnerMedia Deputy Vice Director.
Knag left in 2022 and later served as chief financial officer of RNN Media, which operates broadcast television stations across the United States. Worked with First Albany Company.
In a statement, Knag expressed excitement about joining Offerpad at “a very dynamic time for the company.”
“I look forward to working with the talented team to continue to grow and diversify Offerpad’s platform offerings and increase business efficiency, scale and profitability,” he said.
Knag is the third person to serve as Offerpad’s chief financial officer in less than a year. Michael Burnett held the position from 2019 until his resignation last summer. Jawad Ahsan took over last July but left in December, according to his LinkedIn page.
The executive change comes as Offerpad faces a period of turmoil. Like most real estate companies, the market slowdown that began in 2022 took its toll on Offerpad, making it more difficult to buy and flip properties profitably. The situation has also taken some of the luster out of the broader concept of “iBuying,” which was once one of the hottest topics at real estate industry gatherings.
After Offerpad went public in 2021, its stock price gradually showed a downward trend. By last year, the company’s shares were regularly trading below $1, leading the company to execute a 15-for-1 reverse stock split to avoid being delisted from the New York Stock Exchange.
However, despite these efforts, shares continued to fall and hit a new post-split low of $4.50 last week. Today, the company has a market capitalization of $134.82 million, down significantly from its $2.7 billion valuation when it went public.
All news is not necessarily bad news. Offerpad, for example, revealed in its last earnings report that it managed to reduce its losses and increase the number of homes it acquired.
Brian Bell
But the point is, Knag joined the company at a critical time, and his work has been done.
Offerpad, however, says Knag is up to the task. CEO Brian Bair said in a statement that he was “pleased” to have Knag join the company, adding, “His extensive background in finance and corporate development, as well as his proven experience in business operations and complex transactions, His proven leadership makes him a valuable addition to our company.”
“We look forward to his contributions as we continue to drive Offerpad’s growth and profitability,” Bell added.
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