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Better interim CEO urges shareholders to reject Vishal Garg’s proxy push
Lewis said Better has improved since Garg’s Aug. 3 removal, pointing to more than $45 million in annualized cost reductions and progress on selling its U.K. bank.
Better interim CEO Daniel Lewis has urged shareholders of Better Home & Finance Holding Co. to reject former CEO Vishal Garg’s proxy effort to regain influence over the mortgage fintech, arguing that Garg’s continued outsized role would hold the company back. In a Sept. 6 letter, Lewis said the board concluded a leadership change was necessary after a “sequential decline” in third-quarter revenue, missed targets, and what he characterized as a lack of strategic discipline under Garg. Lewis added that every director except Garg reached the same conclusion, writing that Better will not realize its potential if Garg remains influential over strategy and operations.
Lewis also said Better’s performance has improved since Garg’s departure from the CEO role in early August. He cited more than $45 million in annualized cost reductions, increased engineering productivity, progress toward selling its U.K. bank, and positive feedback from employees, partners, and lenders.
The dispute has escalated into multiple lawsuits and a proxy fight. A federal judge on Aug. 31 declined to immediately halt Garg’s shareholder campaign, allowing it to continue while the broader legal case plays out, and Garg later unveiled a 90-day plan for the company. Lewis said Better’s special committee has urged shareholders to reject Garg’s campaign, and he pointed to the company’s focus on three distribution channels: TinmanGo wholesale distribution, remarketing and data rights tied to home equity lines of credit, and consumer-focused platforms.