Vishal Garg, the CEO of Better Home & Finance, was fired on August 3 after laying off 900 employees on a company Zoom just before the 2021 holiday season. Garg claims he was fired by Daniel Lewis, who replaced him as CEO. Garg says Lewis convinced the board to oust him, despite the company’s recent success.
Garg’s Tenure
Garg’s tenure as CEO was marked by controversy, including a whistleblower lawsuit and an investigation by the Securities and Exchange Commission. However, he claims the company was on the verge of a turnaround, with annual sales expected to reach $200 million this year.
Garg has retained a lawyer and is demanding to be reinstated as CEO. He claims to have the votes to win and is willing to work for $1 a year until the company returns to profitability.
Lewis’s Takeover
Lewis, a hedge fund manager, was brought on to the board on July 27. A week later, he had convinced the other directors to oust Garg as CEO and name himself as Garg’s replacement. Garg claims Lewis was not forthcoming about his intentions and that the board made a mistake.
Investors appear to agree with Garg, as the stock has fallen 45% since Lewis took over as CEO.
Original reporting: Brookhaven News – ABC7 New York — read the source article.
