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Better Home removes Vishal Garg again as losses mount
The company says its board cited more than $1.5 billion in cumulative GAAP losses since 2022 and a 90%+ stock drop during Garg’s tenure.
Better Home & Finance Holding Co. said its board unanimously removed former CEO Vishal Garg from the role, framing the move as a pushback to Garg’s bid to regain control of the company. The company cited more than $1.5 billion in cumulative GAAP net losses since 2022 and a stock decline of more than 90% during Garg’s leadership, according to HousingWire.
Better said its board, excluding Garg, voted to remove him after concerns about his judgment, temperament, and credibility. The company also alleged that Garg sought board resignations and tried to pressure directors.
Better’s dispute included claims that Garg delayed a required quarterly filing by refusing to sign representation letters needed to submit Better’s 10-Q on time. The company said his refusal was the sole reason the filing was delayed and called it an effort to extract self-serving concessions.
The latest exchange comes about 11 days after Better said board member Daniel Lewis would succeed Garg as interim CEO. Garg previously told HousingWire that he remained Better’s founder, a board director, and its single largest voting shareholder, and he later said he was seeking to return to an executive role, according to the outlet.