Vishal Garg, the founder of Better.com who became widely known after laying off more than 900 employees during a Zoom call in 2021, is seeking to return as CEO of Better Home & Finance after being removed from the position earlier this month.
Better appointed Daniel Lewis as interim CEO on 3 August, shortly after he joined the company’s board. The company initially said Garg and the board had “mutually agreed” to the leadership transition. It later said the board, excluding Garg, had unanimously voted to terminate him, citing concerns over his judgement, temperament and credibility.
Garg has disputed the account and accused Lewis of misleading him about his intentions. According to Garg, Lewis had advised him on cost-cutting and profitability for several months before joining the board on 27 July. Garg now believes Lewis ultimately wanted the CEO role.
The leadership change comes as Better attempts to recover from a sharp downturn in its mortgage business. The company, which was once valued at about $8 billion during the pandemic-era refinancing boom, saw annual sales fall from $1.5 billion in 2021 to $70 million in 2023 as higher mortgage rates weakened demand.
Garg claims the business has since recovered, with loan volumes tripling and revenue expected to reach about $200 million this year. He attributed the improvement partly to Better’s AI-driven mortgage processing technology and partnerships, saying the company is close to profitability.
Garg remains on Better’s board and said some investors have urged him to return as CEO. He has retained lawyer Alex Spiro of Quinn Emanuel and asked the board to reinstate him. He has also offered to work for $1 a year until the company becomes profitable.
The dispute now puts the spotlight on Better’s leadership and governance as the company attempts to build on its recent recovery.
