Indian-American entrepreneur Vishal Garg, who became widely known after firing more than 900 Better.com employees during a Zoom call in 2021, now wants his old job back after being removed as chief executive of Better Home & Finance.
He praised us on X and used that to get on our board and win our confidences. Garg argues that his removal came just as Better was recovering from years of financial turmoil. We’ve tripled loan volume. Garg now believes Lewis was not upfront about his ambitions. “The board made a mistake. He added, “It’s not about me. I care about delivering savings to people and helping them live the American Dream. He claims he has enough voting power, including support from early investors, to regain control. He has retained lawyer Alex Spiro, a partner at Quinn Emanuel, and demanded that the board reinstate him as CEO. “I hope it gets resolved. I think the future still remains very bright for Better.”
(Also read: Indian-origin CEO, who sacked 900 employees via Zoom, says worked to become ‘more empathetic’ for teammates ) Garg has accused Daniel Lewis, the man who replaced him, of misleading him about his intentions before taking control of the company. Better appointed Lewis as interim CEO on August 3, just a week after he joined its board. The company, once valued at $8 billion during the pandemic-era refinancing boom, suffered as mortgage rates climbed and its core refinancing business collapsed. Annual sales fell from $1.5 billion in 2021 to $70 million in 2023, but the business was on track to generate about $200 million this year, according to Garg. He credited Better’s AI-driven mortgage processing technology and partnerships for helping revive the business. (Also read: Better.com founder, founding partner of another firm: Vishal Garg who fired 900 over Zoom ) “We’re winning. “We were at the 5-yard line after taking the ball all the way down the field from the other side. Lewis had advised Garg for months on cost-cutting and profitability before joining Better’s board on July 27. Garg has also offered to work for $1 a year until Better becomes profitable before eventually stepping away.
“He hoodwinked me,” Garg told CNN . “He said he liked the company’s strategy. An initial company announcement said Garg and the board had “mutually agreed” on the transition. Better later said the board, excluding Garg, had unanimously voted to terminate him, citing concerns over his “judgment, temperament and credibility. We’re close to profitability,” Garg said. “I suspect he always wanted to become CEO,” Garg said. So when shareholders said, ‘You need to take a back seat,’ I complied. Garg, who remains on Better’s board, said several investors contacted him after his exit and urged him to return. “It’s an acknowledgment that I’ve been doing this for 10 years, but execution hasn’t been perfect,” Garg said.
