Better Board Ousts CEO Vishal Garg, Who Fired 900 Employees Over Zoom

The board of directors of fintech company Better Home & Finance has voted to remove CEO and founder Vishal Garg. The executive gained worldwide notoriety in late 2021 after laying off 900 employees during a single short Zoom call right before the Christmas holidays.

According to ABC News, board member Daniel Lewis has been appointed interim head of the platform. While Garg’s departure was initially framed in filings as voluntary, the board clarified in an official statement that the decision to oust the founder was unanimous, citing concerns over his management methods and a loss of trust.

Management also pointed to financial performance: since 2022, the service’s cumulative net losses have exceeded $1.5 billion, and its stock has dropped by over 90%. At the peak of the mortgage boom, Better was valued at $8 billion, but following US interest rate hikes and declining refinancing volumes, the company’s market capitalization has fallen to roughly $253 million.

Attempted Comeback and a $1 Salary Offer

Vishal Garg himself disagreed with the leadership’s decision, claiming that Lewis joined the board just a week before the vote and acted against the company’s growth strategy.

The company founder claims he has secured the backing of a shareholder pool with enough voting power to overturn the decision. He demanded reinstatement as CEO, offering to work for a symbolic salary of $1 a year until Better’s financial performance reaches break-even again.