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Better.com’s new CEO vacations in South of France as ousted founder plots boardroom coup: sources
nypost.com • • business
Key Points:
- Better.com’s interim CEO Daniel Lewis vacationed in the South of France during his first full week, even as founder Vishal Garg organized a shareholder revolt to remove him and five board members, holding 52% of voting shares.
- Garg was abruptly fired on August 3, with the board citing concerns about his judgment, temperament, and credibility, as well as financial losses exceeding $1.5 billion and delayed quarterly filings; Garg disputes some of these claims.
- The shareholder insurgency, backed by law firm Quinn Emanuel, is preparing to force a vote to oust Lewis and certain directors within 10 to 35 days if they refuse to resign voluntarily.
- Amid the turmoil, Better’s co-founder and chief legal officer Nicholas Calamari was placed on administrative leave and informed his role would be terminated, reflecting broader instability within the company.
- Better.com has faced ongoing challenges since the pandemic mortgage boom ended, including a controversial 2021 mass layoff of 900 employees by Garg and a recent public listing via a merger in August 2023.
