Key facts
- Interim CEO Daniel Lewis urged Better shareholders to reject Vishal Garg's proposals to regain influence.
- Lewis cited a sequential decline in third-quarter revenue and a lack of strategic discipline under Garg.
- Vishal Garg, founder and former CEO, was removed on Aug. 3 and is campaigning to return.
- A federal judge allowed Garg's shareholder campaign to continue.
- Lewis highlighted over $45 million in annualized cost reductions and increased engineering productivity since Garg's departure.
- Better has initiated an independent search for a permanent CEO.
Daniel Lewis, interim CEO of Better Home & Finance Holding Co., has formally urged shareholders to reject efforts by founder Vishal Garg to regain control of the mortgage fintech company. In a September 6 letter, Lewis detailed the board's decision to remove Garg, citing a sequential decline in third-quarter revenue, missed targets, and a perceived lack of strategic discipline under his leadership.
Garg, who was removed as CEO on August 3, has initiated a campaign to reclaim influence, leading to multiple lawsuits and a proxy fight. A federal judge recently allowed Garg's shareholder campaign to proceed while the broader legal dispute unfolds. Garg has presented a 90-day plan as he seeks a leadership role, but Better's special committee is advising shareholders to oppose his campaign.
Lewis highlighted improvements since Garg's departure, including over $45 million in annualized cost reductions, increased engineering productivity, and progress on selling the company's U.K. bank. He also defended his own operational experience, noting his previous role as CEO of Ascend Fundraising Solutions, where he oversaw significant transaction volume and high customer retention.
Lewis stated that Better is conducting an independent search for a permanent CEO and that he is not involved in the selection process. He asserted that all directors except Garg believe he should not return to an operating role, as it could hinder the recruitment of a new chief executive. Lewis accused Garg of spreading misinformation about the company and its directors, including claims about board support for his return and unauthorized disclosure of company information.