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Better appoints Daniel Lewis as interim CEO after preliminary Q2 results
Better reported preliminary Q2 funded volume of $1.67B and raised its annualized cost reduction target to $45M while extending the timeline to profitability.
HousingWire reports Better appointed shareholder Daniel Lewis as interim CEO as the company released preliminary Q2 results. Better posted $1.67B in funded volume and a $30.6M net loss, and it said it raised its cost reduction target to $45M in annualized savings.
HousingWire said Lewis, formerly tied to hedge fund Orange Capital, previously shut down in 2016 after 10 years in operation and had a portfolio worth more than $1 billion. The outlet also reports that Orange Capital built a 5.8% stake in Better, and that in February it disclosed 587,490 shares of Class A stock.
According to HousingWire, Vishal Garg, Better’s founder, remains closely watched after stepping back from the CEO role. Garg retains significant influence through Class B common stock, which gives him about 19% of the voting power as of March, and under Better’s structure his voting power can rise if Class B holders convert their shares into Class A stock.
HousingWire added that Garg’s move follows the company’s profitability promises unraveling. Better previously said it aimed for profitability by the end of the third quarter of 2026 after 11 consecutive quarters of losses, and the outlet links the leadership change to the challenge of balancing its mortgage origination business with its technology ambitions.