Offerpad Makes Key Hire of Chief Financial Officer

PHOENIX, Nov. 4, 2019 /PRNewswire/ -- Offerpad, tech-enabled and industry defining direct home buyer and seller, officially announces the hiring of longtime real estate and technology finance executive Mike Burnett to serve as the company's Chief Financial Officer. Joining a roundtable of prolific leaders among Offerpad's current executive team, Burnett's experience will further espouse the company's mission to provide consumers with the best way to buy and sell a home in the entire industry.

Now operating in over 700 cities across the country and acquiring new homes every twenty minutes inside regular business hours, Offerpad continues to grow rapidly. Sustaining this historic growth requires measured financial oversight. "As a company focused on results, it was essential we hire someone with a proven record of success, with notable accomplishments at the highest levels of the industry," said Brian Bair, Offerpad founder and CEO. "Mike's credentials and character are undeniable; with him, we'll further our business and continue to pioneer the modern real estate industry."

Burnett joins Offerpad with over 25 years of financial experience across a variety of industries. Prior to joining Offerpad, he served as the Executive Vice President and Chief Financial Officer of AV Homes, Inc. There, Burnett expanded operating margins, leveraging its cost base and improving efficiency that reversed a trend of operating losses to sustainable profits. He also helped the company grow revenue from $140 million to a run rate of nearly $1 billion by executing a five-year strategic business plan and through a combination of organic growth and acquisitions.

Previously, Burnett worked for JDA Software Group, Inc., a leading global supply chain software provider. As Group Vice President, Finance, Treasury and Investor Relations, he consolidated, optimized and integrated the cash management and treasury operations following two significant acquisitions. Later, Burnett led a $2.1 billion bank credit facility to finance JDA's acquisition, after which he continued with the combined company in his Group Vice President role.

During his career, Burnett has also served as the Chief Financial Officer for American Traffic Solutions Inc. and Senior Vice President, Treasurer at Allied Waste Industries, Inc.

As Offerpad's Chief Financial Officer, Burnett's responsibilities will include overseeing the company's capital structure and strategies, managing aspects of accounting, financial planning and analysis, and treasury and financial reporting. He will supervise all company spend and improve general cost efficiency to help position the company for profitability. He will also help Offerpad add ancillary channels of revenue and, with the other members of the leadership team, Burnett will help develop unique ways to provide the consumer with more cost savings when they use Offerpad.

"As modern innovators and pioneers of consumer-facing real estate technology, Offerpad is an exciting opportunity for me to play an important role in the changing face of the industry," said Mike Burnett, regarding his new position. "I am thrilled to be a member of the leadership team and help advance their vision for more consumer-centric solutions to buying and selling homes."

Offerpad's key addition to its executive leadership team will further broaden and strengthen the company's core as it continues to expand in business locations, people, partnerships, and product offerings.

To learn more about Offerpad, please visit offerpad.com.

ABOUT OFFERPAD

Offerpad is a leading technology and real estate company with a mission to provide the best way to buy and sell a home. Leading with firsthand real estate experience and utilizing powerful technology developed in-house, Offerpad provides direct home offers to provide modern, consumer-centric home buying and selling solutions to help more people move freely. On average, Offerpad receives new offer requests from homeowners every 30 seconds and acquires a home every 20 minutes throughout regular business hours. Offerpad is a privately held company headquartered in Chandler, Arizona, operating across the country in 700 cities and counting. Visit Offerpad.com for more information.

David Stephan
602-825-3135
[email protected]

SOURCE Offerpad

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