Kheyfets has been appointed as Block’s new CEO, following her seven-year tenure as the company’s Chief Operating Officer. Prior to this, she led North American growth at Tractable, a unicorn in the AI accident and disaster recovery sector.
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Block, a company specializing in renovation management software, has appointed Julie Kheyfets as its new CEO.
The announcement was made in a statement released on Jan. 16, emphasizing Block’s commitment to becoming the most reliable platform for planning and hiring for major renovation projects.
Kheyfets is set to leverage her experience from her time as Block’s COO and her role in spearheading the North American growth of Tractable, a leading AI platform for accident and disaster recovery. Her contributions were instrumental in Tractable’s achievement as the first computer vision unicorn in the financial services sector, with a valuation exceeding $1 billion.
“Trustworthy information about renovating is so hard to find — but it doesn’t have to be,” Kheyfets remarked. “The latest advances in AI make it possible to democratize access to professional renovation support — to put an AI architect in every homeowner’s pocket, empowering them to make the right choices for their home and to easily hire the right contractors.”
Block offers a mobile and browser-based AI experience that guides users through the complex process of home and apartment renovation projects, ensuring quality and efficiency in project management.
The software, trained on data from various industry sources, facilitates transparent workflows, consistent communication, and budget controls to streamline the renovation process and minimize delays and cost overruns.
“By having access to Block’s vetted network of contractors, homeowners can quickly discover the right contractors for their projects, rapidly receive easy-to-compare proposals, and hire with confidence, backed by Block’s project protections,” the release noted.
Kheyfets succeeds Koda Wang, who served as Block’s CEO and co-founder for over seven years. Wang will continue to serve on the board and transition to the role of Executive Chair, praising Kheyfets as a dedicated and visionary leader.
Block is optimistic about the growth opportunities in the home improvement market, citing a Federal Reserve study showing a significant increase in U.S. home equity and a report from the Joint Center for Housing Studies (JCHS) at Harvard University indicating rising home renovation spending in the country.
Despite the surge in home renovation projects, Americans are moving less, as reported by Axios in September.
“The share of Americans moving has reached its lowest in history — and it doesn’t look like it’s climbing back up anytime soon,” Axios stated. “In the 1960s, around 1 in 5 Americans moved each year, according to the Brookings Institution.
As of 2022, the percentage has decreased to 8.7%, even considering the impact of the pandemic causing people to move out of major coastal cities and into areas like the Sun Belt.
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