After nearly a year of searching, iBuyer Offerpad has a new chief financial officer. The firm announced Thursday that it has pegged Peter Knag for the role, effective June 5.
“I am excited to join at such a dynamic time for the company,” Knag said in a statement. “I look forward to working with the talented team to continue to grow and diversify Offerpad’s platform offerings and drive efficiency, scale and profitability in the business.”
Knag has an extensive resume, having served in several financial leadership roles in the media, telecommunications, technology and finance sectors. He began his career in investment banking, going on to work for Lehman Brothers and First Albany Corp. He would later hold leadership roles at AT&T and was formerly the executive vice president and CFO for Turner Broadcasting Systems, as well as the executive vice president of WarnerMedia Finance.
“We are thrilled to welcome Peter Knag to the Offerpad team,“ Brian Bair, the chairman and CEO of Offerpad, said in a statement. “His extensive background in finance and corporate development, along with his proven leadership in business operations and complex transactions makes him an invaluable addition to our executive team. We look forward to his contributions as we continue to drive growth and profitability at Offerpad.“
Offerpad’s CFO position was previously held by Michael Burnett, who announced his departure in July 2023 after almost four years with the firm. James Grout, Offerpad’s senior vice president of finance, had been serving as the firm’s interim principal financial officer.
Despite being the first of the major iBuyers to turn a profit, Offerpad has struggled as the housing market has cooled. In Q1 2024, the firm reported a 53% year-over-year decrease in revenue to $285.4 million, although it narrowed its net loss by 71% to $17.5 million.
