Daniel Lewis Takes Interim CEO Role at Better Amid Financial Struggles
window 24h
IN SHORT
Better has appointed activist investor Daniel Lewis as interim CEO, replacing founder Vishal Garg, as the company grapples with significant financial challenges and a delayed path to profitability. Lewis, who holds a 5.8% stake, steps in as Better faces mounting losses, though preliminary Q2 earnings indicated increases in revenue and volume. Meanwhile, Zillow Group has restructured its executive team, with CFO Jeremy Hofmann adding Chief Operating Officer duties and Cassandra Knight appointed chief legal and policy officer.
✉Newsletter
PiQ Daily
Pick your topics. Get only what matters, on your cadence.
Key Numbers
5.8%Daniel Lewis's stake in Better
2senior vice presidents promoted at Zillow
Who's Involved
Daniel Lewis
activist investor and interim CEO of Better
Better
company facing financial struggles and leadership change
Vishal Garg
founder of Better replaced as CEO
Zillow Group
company restructuring its executive team
Jeremy Hofmann
CFO and COO of Zillow Group
Cassandra Knight
chief legal and policy officer at Zillow
1 / 2
Key facts
Daniel Lewis is appointed interim CEO of Better.
Daniel Lewis replaces founder Vishal Garg as CEO.
Lewis holds a 5.8% stake in Better.
Better is experiencing financial struggles and mounting losses.
Better's path to profitability is delayed.
Preliminary Q2 earnings for Better show revenue and volume increases.
Zillow Group restructures its executive team.
Jeremy Hofmann adds COO duties to his role as CFO at Zillow.
Cassandra Knight is named chief legal and policy officer at Zillow.
Two senior vice presidents were promoted at Zillow.
Better has appointed Daniel Lewis, an activist investor holding a 5.8% stake in the company, as its interim Chief Executive Officer. Lewis replaces founder Vishal Garg in the leadership role. This transition occurs as Better confronts substantial financial difficulties and a prolonged timeline to achieve profitability. Despite these challenges, preliminary earnings for the second quarter indicated growth in both revenue and transaction volume.
In parallel, Zillow Group has undergone a restructuring of its executive leadership. Chief Financial Officer Jeremy Hofmann will now also assume the responsibilities of Chief Operating Officer. Additionally, Cassandra Knight has been appointed to the position of chief legal and policy officer. The company also announced the promotion of two senior vice presidents as part of this executive realignment.
↳ Why This Matters
Better has appointed Daniel Lewis, an activist investor holding a 5.8% stake in the company, as its interim Chief Executive Officer. Lewis replaces founder Vishal Garg in the leadership role. This transition occurs as Better confronts substantial financial difficulties and a prolonged timeline to achieve profitability. Despite these challenges, preliminary earnings for the second quarter indicated growth in both revenue and transaction volume.
Frequently asked questions
Daniel Lewis is an activist investor who has taken over as interim CEO of Better. He previously founded the hedge fund Orange Capital and has been a significant shareholder and adviser to Better.
Better reported preliminary Q2 earnings with funded loan volume up 45% year over year to $1.67 billion and revenue up 28% to $54.7 million. However, the company posted a net loss of $30.6 million and adjusted EBITDA of -$14.0 million.
Better is implementing an expanded cost-reduction plan targeting $45 million in annualized savings by the end of 2026 and is sharpening its strategy around a platform model focused on partnerships and efficient mortgage manufacturing.
SoftBank's asset management wing, SB Northstar, restructured $530 million of Better's debt in April 2025, retiring it and issuing new notes. SoftBank remains a significant investor.
What Happens Next
01Better's official Q2 earnings release and call are scheduled for Thursday.
02The company plans to raise approximately $69 million through a public stock offering.
Get the newsletter.
Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.
