- Vishal Garg, who became infamous in 2021 after abruptly firing about 900 employees on a Zoom call, has been removed as CEO of Better Home & Finance Holding Company.
- Garg has accused his replacement, hedge fund manager Daniel Lewis, of gaining the board's confidence before taking over as CEO, and claims Lewis initially approached him with cost-cutting and profitability ideas.
- Garg claims that after Lewis joined the board on July 27, the other directors voted to remove him about a week later; he has offered to work for $1 a year until Better becomes profitable.
Vishal Garg, infamous for his 2021 Zoom firing of 900 employees, has been ousted as CEO of Better Home & Finance. The board cited concerns over his judgment, temperament, and credibility, with every member except Garg voting for his termination.1
Garg's controversial firing of nearly 9 percent of the workforce during a December 6 Zoom call led to widespread backlash. He cited business efficiency as the reason for the layoffs, but an email surfaced where he insulted employees, exacerbating the situation.
After a month-long leave for a leadership assessment, Garg returned as CEO in January 2022. However, the board's decision to remove him was influenced by the company's staggering GAAP losses of over $1.5 billion since 2022 and a 90 percent drop in stock price under his leadership. Garg has accused Daniel Lewis, his successor, of gaining the board's trust before his removal, claiming Lewis initially approached him with cost-reduction ideas.2345
Garg has offered to work for just $1 a year until the company becomes profitable, after which he would transition out of the role. The board's actions reflect a significant shift in leadership strategy as Better seeks to recover from its financial struggles.
“Garg claims Lewis joined the board on July 27 and the other directors voted to remove him about a week later. He has offered to work for $1 a year until Better becomes profitable, after which he says he would transition out.”
Firstpost
