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Better places co-founder Nicholas Calamari on administrative leave
The move follows leadership upheaval at Better Home & Finance Holding Co., including the board installing Daniel Lewis as interim CEO after replacing Vishal Garg.
Better Home & Finance Holding Co. has placed co-founder and chief legal officer Nicholas Calamari on administrative leave, HousingWire reports, citing a source familiar with the matter. The company did not disclose the timing of the leave or any replacement plan.
The personnel change comes amid further boardroom shakeups after Better replaced founder and former CEO Vishal Garg with board member Daniel Lewis as interim CEO. On Aug. 14, the New York Post reported Calamari was placed on administrative leave, and a source close to Calamari confirmed the report to HousingWire.
HousingWire adds that the confirmation arrives just one day after Better filed a federal lawsuit in the U.S. District Court for the Southern District of New York. In the suit, the company accuses Garg of violating U.S. securities laws as part of what the board called an “illegal, scorched-earth campaign” to oust directors and return himself to the CEO role.
According to HousingWire, the board said Garg was removed after mutually agreeing to step down, while Garg later said on Aug. 13 that he was seeking to regain control of the company, claiming shareholders with a majority of voting power backed him. The board has opposed that effort, pointing to more than $1.5 billion in net losses since 2022 and a stock price decline of more than 90% during Garg’s tenure.