Better Home & Finance Holding Company (NASDAQ: BETR) announced that Vishal Garg is stepping down as CEO. He will remain with the New York City-based company as a member of the board of directors.
Daniel Lewis, a board member, was named Interim CEO. Lewis most recently served as CEO of Ascend Fundraising Solutions, a Toronto-based software company. Earlier in his career, he founded Orange Capital LLC in 2005.
Garg founded Better.com as an online mortgage broker in 2014 after a frustrating experience trying to obtain a home loan. As a corporate leader, Garg generated controversy when he berated his employees as “a bunch of dumb dolphins” in a November 2020 email. Garg created more ill will in December 2021 when he fired 900 staff members in a Zoom call shortly before the year-end holidays.
No reason was given for Garg’s decision to step down.
“We built Better to disrupt the mortgage loan industry by developing and integrating AI solutions to simplify the process for borrowers across one of the largest asset classes in the world,” said Garg. “In the last 10 years, we have helped more than 600,000 customers buy or refinance their homes across more than $110 billion in loan volumes, providing testament to the durable demand for what we have created. Better is at an important inflection point, and now is the right time for new leadership. I have come to know Daniel quite well, and I am confident he is the right person to lead the company through this important time in its evolution.”
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