Sept. 11 (UPI) — Shopify’s COO is taking over the top role at Opendoor Technologies, while the company’s co-founders are back in the fold.

The online residential real estate company announced Wednesday that Shopify’s Chief Operating Officer Kaz Nejatian has been appointed its CEO and a board member.

“It’s a privilege to become Opendoor’s leader,” said Nejatian in a press release. “Few life events are as important as buying or selling a home.”

“Opendoor returns to FounderMode,” Opendoor co-founder Keith Rabois posted to X Wednesday. “And we just hired the absolute best executive who has a founder brain as CEO: [Kaz Nejatian].”

As for Rabois, he’s now back with the company as the Opendoor board chairperson, while company co-founder Eric Wu is back as a member of the board.

Rabois and Wu co-founded Opendoor in 2013.

“Opendoor’s mission is more relevant than ever,” Wu said in the release. “Homeowners deserve a better system, and with Kaz’s vision, mentality and creativity, I’m confident he can lead Opendoor’s next chapter and build a category-defining company.”

The move has generated a massive stock swing in the right direction, as Opendoor stock soared 60% Thursday following the announcement.

“Welcome back home,” Opendoor posted to its social media Wednesday. “Keith Rabois and Eric Wu are back on the Opendoor board.”

“Their founding leadership is written in the DNA of the company, and we look forward to the future ahead,” it concluded.