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Better CEO Vishal Garg offers $1 a year to regain his job
The board removed Garg after citing $1.5 billion in losses and a 90% stock-price decline under his leadership, and it says he allegedly broke securities laws with misleading statements.
Better Home & Finance CEO Vishal Garg, known for launching the online mortgage lender Better, said he is willing to work for $1 a year to try to return to the company after the board ousted him this month.
According to Yahoo Finance, Better’s board said Garg was responsible for $1.5 billion in losses during his tenure and that the company’s stock price fell about 90%. Garg previously drew scrutiny after firing 900 employees via Zoom in December 2021.
Garg said he has support from more than 50% of voting shareholders, and he challenged the board’s allegations as nonsense. He also proposed conditions for regaining control, including asking five of eight directors to step down and having current CEO Daniel Lewis step aside.
The board responded by filing a complaint in the U.S. Southern District of New York, saying Garg lacks sufficient shareholder support to remove directors and accusing him of breaking securities laws by allegedly flooding the market with misleading statements. The filing also described Garg’s efforts to return to power as a scorched-earth campaign.