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Better Home lays out Better 2.0 plan after board leadership change
The company said it will remove interim CEO Daniel Lewis effective Oct. 5 and pursue a CEO search while targeting quarterly operating expenses to fall from about $65.0 million to $50.0 million.
Better Home & Finance Holding Co. outlined its “Better 2.0” plan on a shareholder call, including targets to cut quarterly operating expenses from about $65.0 million to $50.0 million, while expanding its HELOC and wholesale channels, HousingWire reported. The lender also said the company has started a search for a permanent CEO with experience in credit, artificial intelligence and fintech, and that it has identified a candidate for interim CEO and is finalizing engagement, according to HousingWire. HousingWire added that in an SEC filing the company said its board removed Daniel Lewis as interim CEO effective Oct. 5, and began the search for a successor. Better Home founder Vishal Garg also proposed a Birmingham Bank sale that could add $65.0 million in cash and discussed plans for a stock repurchase program, HousingWire reported.