The iBuyer has appointed David Benson to its board of directors, effective immediately. Benson was Fannie Mae’s president for six years, retiring from the role in May 2024.
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Former Fannie Mae president David Benson has joined iBuyer Opendoor‘s board of directors, according to an announcement on Thursday. Benson will serve on the board and its audit committee until his term expires in 2026.
David Benson | Credit: LinkedIn
“I am pleased to join the Board of Opendoor,” Benson said in a written statement. “Opendoor has an impressive track record of bringing innovative and customer-centric solutions to residential real estate. I am eager to collaborate with the Board and management team to build further on Opendoor’s progress in bringing certainty and efficiency to the home buying and selling process.”
A graduate of the University of California Los Angeles, Harvard Medical School and Sanford University School of Business, Benson started his professional career in 1988 as a managing director for Merrill Lynch.
In 2002, Benson moved to Fannie Mae, where he held several roles as the government-sponsored enterprise’s (GSE) vice president and assistant treasurer, senior vice president and treasurer, and executive vice president of capital markets, securitization and strategy, and chief financial officer.
He took the helm as Fannie Mae’s president in August 2018, overseeing the GSE’s single-family residential and multifamily business units and corporate functions, including Finance, IT, Operations, Strategy, Human Resources and Communications. Halfway into his presidency, Benson served as Fannie Mae’s interim chief executive officer for much of 2022. Benson retired in May 2024, having led Fannie Mae to record levels of profitability.
Carrie Wheeler | Opendoor CEO
“I am thrilled to welcome David to our Board. He is a deeply respected executive who brings to our team three decades of leadership in the single-family residential real estate space, along with deep understanding of the capital markets and regulatory landscape,” Opendoor CEO and Board Director Carrie Wheeler said. “I know that we will benefit from his industry insights and operating expertise as we continue building the largest, most trusted e-commerce platform for residential real estate transactions.”
Benson will receive a $50,000 annual cash retainer for each year of his term, $10,000 for his role on the board’s audit committee, and an annual grant of restricted stock units, Opendoor’s latest Securities and Exchange Committee filing read.