Jeff Whiteside, eXp World Holdings’ chief financial officer, has stepped down from his position, the company announced on Thursday. The brokerage already initiated a search process to find a replacement.
Meanwhile, Whiteside, who was CFO for five years, will stay at the company until Dec. 1 to support the transition. Until a new CFO is appointed, Kent Cheng, eXp World Holdings’ chief accounting officer, will serve as the eXp’s principal financial officer, the company said in a statement.
“I am thankful for the opportunity to contribute across eXp World Holdings over the past five years,” Whiteside said in the statement. “I look forward to watching their continued success as they build upon their agent-centric innovation model.”
Whiteside’s planned departure is “not a result of any disagreement regarding the company’s financial statements or disclosures,” the company noted.
“I would like to thank Jeff for his contributions to eXp World Holdings,” Glenn Sanford, founder, chairman and CEO of eXp World Holdings and eXp Realty, said in the statement. “Jeff’s financial expertise has helped evolve the company through periods of growth and change over the last five years. On behalf of the Board and our entire team, I thank him for his many contributions and wish him well in his future endeavors.”
Last week, eXp World Holdings posted strong financial results for the third quarter of the fiscal year. Despite a painfully slow real estate market, the company generated $1.214 billion in revenue in Q3, down 2% from $1.238 billion one year ago. It posted a profit of $1.3 million, down from $4.4 million over the same time period last year, a 69% decrease.