Founder Vishal Garg removed as Better CEO

Vishal Garg, the former CEO of digital mortgage company Better Home Finance who once made headlines for laying off 900 employees over a Zoom call, has been removed from his leadership position at the firm he founded. The company’s board terminated Garg on August 3 and immediately appointed hedge fund manager Daniel Lewis as interim CEO, a move Garg claims was orchestrated through a deception that left him feeling deeply betrayed.

According to a CNN interview and statements from Better, the board’s directors, excluding Garg, voted unanimously for his termination. The company cited concerns regarding his judgment, temperament, and credibility, alongside significant financial losses exceeding $1.5 billion since 2022 and a more than 90 percent decline in stock price during his tenure. Garg, however, asserts that he was forced out just as the company was on the verge of a successful turnaround.

The controversy centers on Lewis, who had only joined Better’s board one week prior to the leadership change. Garg claims that Lewis approached him months earlier to discuss cost reductions and strategy, publicly praising the company on social media to build rapport. He alleges this led to his...