When the news broke that Carrie Wheeler was stepping down as CEO of Opendoor, it was more than just another leadership change in our industry. It was yet another example of a troubling leadership pattern that women continue to face: the glass cliff.
For decades, we’ve talked about the glass ceiling, the invisible barrier that has kept women from advancing to the highest levels of leadership. And while progress has been made, women remain underrepresented in the C-suite, in boardrooms and at the very top leadership levels of organizations.
But even when women do ascend into these roles, too often it happens under precarious circumstances. Research shows that women are disproportionately appointed to leadership positions during moments of crisis — economic downturns, reputational scandals, public controversies — when the odds of failure are highest. This is the glass cliff.
The weight of the glass cliff
Carrie Wheeler stepped into Opendoor’s top role during one of the most volatile real estate markets in decades. She led through uncertainty, disruption and intense public scrutiny — conditions that would test any leader, male or female. Yet when the turnaround wasn’t immediate, her tenure ended, and the familiar cycle continued.
We’ve seen this play out time and again:
- Marissa Mayer at Yahoo, stepping in as the tech giant struggled to reinvent itself.
- Ellen Pao at Reddit, taking the helm amid internal turmoil and controversy.
- Linda Yaccarino at Twitter/X, inheriting a platform in chaos after a major ownership shakeup.
And yes, in real estate as well. Nykia Wright’s appointment at the National Association of Realtors in the wake of billion-dollar lawsuits and scandal was a textbook glass cliff moment.
The double bind
The glass cliff exposes a double standard that women leaders still face:
- Elevated as symbols of change, but given precarious support and less time to deliver it.
- Judged not only on performance, but as representatives of all women in leadership.
- Scrutinized more harshly than their male counterparts.
It’s not just about who holds the top job. It’s about the systemic structures that keep women on the edge of the cliff rather than on stable ground where success can truly take root.
Why this matters
Representation at the top matters. Research consistently shows that when women lead, organizations benefit from more inclusive cultures, more innovative thinking and stronger long-term outcomes.
But if women are only elevated when the ship is sinking, we aren’t creating real progress — we’re creating scapegoats.
Some stats to underscore this reality:
- High-risk firms are twice as likely to appoint female CEOs.
- One analysis of CEO transitions found that women were 27 percent more likely than men to be appointed during periods of organizational decline.
- Another study of S&P 500 companies revealed that firms with above-average risk were twice as likely to choose women as their CEOs compared to stable companies.
A call for change
Carrie Wheeler didn’t fail. She led on the edge of the glass cliff. Her courage to step into that role should be recognized — not overshadowed by headlines. And she should not be the last woman in our industry entrusted with leadership at the highest levels.
It’s time for boards, investors and decision-makers to move beyond symbolic appointments. True equity means women are trusted to lead not just in moments of crisis, but in moments of stability and growth.
Because here’s the truth: Women don’t lack the ability to lead. What’s missing is the willingness of organizations to give them the same chance at success that men have long been afforded.
Until that changes, we’ll keep seeing women pushed from the glass ceiling to the glass cliff. And that’s not the kind of progress any of us should accept.
Wendy Forsythe is the Chief Marketing Officer at eXp Realty. Connect with her on Instagram.
