The CEO who fired 900 people on Zoom just before Christmas wants his job back

Former Better Home & Finance CEO Seeks Return After Sudden Ouster

Healfromzero.com – Vishal Garg is mounting a campaign to reclaim his position as chief executive of Better Home & Finance, arguing that the board made a critical error when it replaced him just weeks after inviting him to step back. The former CEO, who has been navigating a turbulent period for the mortgage technology company, believes he was positioned to complete a remarkable recovery when Daniel Lewis stepped in to take control.

Garg’s situation has drawn attention from investors who watched the company’s stock tumble following the leadership change. Armed with Class B shares carrying special voting privileges—alongside commitments from several early-stage investors—Garg contends he possesses sufficient support to force a reversal of the board’s decision. He has formally requested his reinstatement through legal channels, with attorney Alex Spiro of Quinn Emanuel representing his interests.

A History of High-Stakes Decisions

Garg’s tenure at Better has been marked by both dramatic moments and steady progress. He first captured public attention during the 2021 holiday season when he conducted a mass layoff of 900 employees via a company Zoom call. The incident, while embarrassing, became a defining moment for the fintech company and remains a reference point in discussions about corporate communication during crises.

“He hoodwinked me,” Garg said of Lewis. “He said he liked the company’s strategy. He praised us on X and used that to get on our board and win our confidences.”

The timing of Garg’s departure proved particularly frustrating for the former executive. He was removed on August 3, precisely as the company appeared to be reaching a turning point after years of financial pressure. The company had experienced a dramatic valuation swing, climbing to $8 billion during the pandemic-era refinancing boom when mortgage rates hovered below 3 percent. With rates now approaching 7 percent and the refinancing market collapsed, Better’s market capitalization has contracted to approximately $300 million.

The Road to Recovery

Under Garg’s leadership, Better pursued an aggressive transformation strategy centered on artificial intelligence. The company’s core refinancing business had deteriorated significantly, with annual sales dropping from $1.5 billion in 2021 to just $70 million in 2023. However, Garg indicated that 2024 would bring substantial improvement, with projections pointing toward $200 million in revenue.

The AI-driven approach represented a fundamental shift in how mortgages were processed. Where traditional methods required dozens of employees working over several days, Better’s technology could handle the same workload in a fraction of the time. The company also forged a strategic partnership with Neo Home Loans, which reportedly doubled productivity while cutting loan origination expenses by half.

These developments attracted attention from major technology firms. Intuit, Coinbase, and OpenAI all established partnerships with Better during 2024 to leverage its mortgage processing capabilities. Additionally, the company cultivated a robust home equity line of credit division that contributed to overall financial stability.

“We’re winning. We’ve tripled loan volume. We’re close to profitability,” Garg stated. “We were at the 5-yard line after taking the ball all the way down the field from the other side.”

Lewis Takes Control

Daniel Lewis, a hedge fund manager with a varied history of investment successes, approached Garg approximately six months before the leadership change. Lewis presented ideas focused on cost reduction and profitability improvement, earning Garg’s trust and securing a board seat on July 27. Just seven days later, Lewis had persuaded fellow directors to remove Garg as CEO and assume the role himself.

“(Lewis’) thoughts about cost savings were good. His ideas about innovation were not,” Garg argued. “It’s so much easier when we’re this close for someone to come in and say that they could have done better.”

Lewis responded to the controversy on social media, posting a message acknowledging Garg’s foundational contributions to the company. Neither Better nor Lewis provided additional commentary when contacted for further explanation.

Investor Reaction and Next Steps

Market participants appear to be validating Garg’s perspective. The stock has declined 45 percent since Lewis assumed the CEO position, compounding a 16 percent drop that had already occurred earlier in the year. During the week following Garg’s removal, multiple investors reportedly reached out directly, expressing concern and encouraging him to reconsider his decision to step aside.

Garg has signaled willingness to accept a symbolic compensation package of $1 per year while serving as interim CEO until the company achieves profitability. He has indicated that once financial targets are met, he would transition out of the role, acknowledging that his decade-long leadership has not been flawless but arguing that execution challenges should not prevent a return to the position.

“It’s not about me,” Garg said. “I care about delivering savings to people and helping them live the American Dream. So when shareholders said, ‘You need to take a back seat,’ I complied.”

The board now faces a decision that could reshape the company’s trajectory. Garg’s formal letter, combined with his voting power and investor sentiment, creates pressure for reconsideration. Whether the board will reverse course remains to be seen, but the situation highlights the delicate balance between leadership accountability and institutional stability in rapidly changing markets.