Earnnest names Russell Smith CEO, Rick Altizer vice chairman

Earnnest, a digital real estate payments platform, announced on Tuesday that Russell Smith has been appointed as its new chief executive officer. Smith succeeds Rick Altizer, who will transition to the role of vice chairman of the board after serving as CEO for seven and a half years. The leadership change is intended to support the company's expansion phase as it scales its earnest money platform and introduces new digital payment types for the real estate industry.

Smith joined Earnnest in the fall of 2020 and has spent the last four years as president and chief operating officer. In this capacity, he worked alongside Altizer to grow the company from an early-stage startup into what Earnnest describes as the leading digital earnest money service in the nation. The platform has seen adoption across various real estate entities, including brokerages, escrow companies, homebuilders, multiple listing services, and technology platforms.

Since Altizer's tenure began in March 2019, Earnnest has facilitated over 1 million transactions, amounting to more than $4 billion in volume. The company highlighted a "flawless security record" during this period, reporting no instances of fraud for homebuyers. Earnnest has also expanded its network of verified escrow holders and integrated with major real estate organizations and technology providers.

George Clements, co-founder and chairman of the board, stated that Altizer was instrumental in professionalizing Earnnest and preparing it for growth, while Smith is well-positioned to lead the company into its next phase. The leadership transition occurs amid ongoing concerns about wire fraud and payment security in the real estate sector. Earnnest's claim of significant transaction volume without reported fraud positions it as a key player in the shift away from traditional payment methods like paper checks and wire instructions.