- Better Home and Finance recently ousted former CEO Vishal Garg.
- The board unanimously voted to terminate him over leadership concerns.
- Garg claims his successor hoodwinked the board to seize control.
Better Home and Finance ousted founder and chief executive Vishal Garg in August after directors voted unanimously to terminate him, prompting a fierce public dispute over control of the struggling mortgage lender.
Board ousts former CEO Vishal Garg
Better Home and Finance directors voted unanimously to remove chief executive Vishal Garg from his leadership position. The board cited serious concerns regarding his judgment, temperament, and credibility. Daniel Lewis stepped in as interim chief executive following the sudden leadership change.
Garg previously drew global attention in 2021 after dismissing more than 900 employees during a video call just before the holidays. That viral incident severely damaged public perception of the digital mortgage company and made national headlines.
Founder disputes sudden leadership change
Garg strongly disputed the circumstances surrounding his removal from the firm. He claimed that Lewis misled him before securing a position on the corporate board. “He hoodwinked me,” Garg told CNN.
Despite losing his executive role, Garg remains a member of the board. He has retained prominent legal counsel and started an active effort to regain control of the business. He even offered to work for 1 dollar a year until the company reaches profitability.
Company battles financial challenges
The leadership clash emerged as the mortgage lender attempted to stabilize its business after years of financial strain. Rising interest rates and a sharp drop in refinancing activity heavily impacted the firm over recent years. Annual sales fell dramatically from previous historic highs during the pandemic era.
Garg insists his removal happened just as operations began to improve. He noted that modern processing technology helped boost sales projections and increase loan volumes for the current year. Meanwhile, company leaders face the task of calming skittish customers and employees while managing the ongoing corporate drama.
