Vishal Garg claims shareholder support to oust Better board

Vishal Garg, the founder of Better Home & Finance Holding Co., claims to have secured majority shareholder support to overhaul the company’s board of directors. Garg’s investor group announced that shareholders representing more than 51% of the company’s voting power have provided written consent to remove five directors, including interim CEO Daniel Lewis, Harit Talwar, Arnaud Massenet, Bhaskar Menon, and Prabhu Narasimhan.

The move comes less than two months after the board removed Garg from his position as CEO in early August. Rather than reclaiming the CEO role, Garg intends to transition into a position as head of product, platform, and innovation while the group seeks an outside interim CEO with mortgage-industry expertise.

Garg described the development as a “resounding victory” against a “coup led by Daniel Lewis and the incumbent board.” His legal representative, Alex Spiro, stated that Garg has been “vindicated” by the successful litigation and shareholder action.