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Better promotes David Parrish as COO Barry Feierstein steps down
The company also said it expects a Q3 adjusted EBITDA loss of $15M to $18M and lower loan volume of $1.375B to $1.525B.
Better Home & Finance Holding Co. has promoted David Parrish to head of enterprise operations as part of a broader leadership shake-up, according to a Tuesday 8-K filing.
In the filing, the company said COO Barry Feierstein will step down. The change follows other executive moves after Better’s CEO, Vishal Garg, was ousted and replaced by Daniel Lewis.
Better said Q3 adjusted EBITDA loss is expected to be between $15.0M and $18.0M, along with lower loan volume projected at $1.375B to $1.525B. Under a separation agreement, Better said Chad Smith, who previously served as COO, is entitled to a $416,666 lump-sum payment, less taxes and withholdings, equal to five months of his base salary, plus six months of COBRA premium payments.
The company also accelerated vesting of 10,000 restricted stock units that would have been forfeited on Smith’s departure, and said its mortgage leadership team remains in place, with key leaders including Danny Horanyi as COO and Ryan Grant as senior vice president of growth and strategy. Better said the reorganization is intended as a next stage of execution, moving from invention toward disciplined execution over the next six to 12 months.