Long-time Redfin CEO Glenn Kelman is leaving the firm, he announced in a
"After 20 years, I'm leaving Redfin," he wrote. "I gave it my all! Leaving was my decision. I love my colleagues. We saved consumers a billion dollars in commissions. I hope to use all that I learned to do something as good as Redfin, in a different field."
The decision comes six months after Rocket closed its
Kelman thanked Rocket CEO Varun Krishna in his post for helping Redfin "play to win." Krishna will run Redfin until he finds a permanent successor. Kelman's last day in the office will be this Friday, but he said he will be available until April 1 to support Krishna.
"Redfin will be in good hands," Kelman wrote. "Varun's involvement will give Redfin a new level of strategic thinking, and access to Rocket resources. The support we've already gotten since joining Rocket has let us innovate faster than ever."
Rocket's stock hit a three-year high at $23.29 per share late last week following President
His decision comes a week before Redfin's second, much-longer phase of integration, a point which he titled "a fork in the road." Instead of committing his next few years to Rocket, Kelman wants to find a "mission-driven enterprise outside of real estate," he wrote.
Redfin was founded in 2004, and Kelman joined the company shortly after in 2005 as CEO.
"I'm grateful to Redfin customers," he wrote. "In our early days, you took a chance on us when most buyers and sellers of homes won't take any chances at all. And to Redfin supporters everywhere, thank you for embracing a company that marched to the beat of its own drum."