Key facts
- Chad Smith is the new CEO of Envoy Mortgage and president of PLACE's mortgage and financial services division.
- Smith previously held COO roles at Better Home & Finance Holding Co.
- Envoy Mortgage is integrating with PLACE to offer a more connected homeownership experience.
- Better Home & Finance Holding Co. is undergoing significant leadership changes.
- The company reported ongoing financial losses and a battle for control.
Chad Smith has been appointed the new Chief Executive Officer of Envoy Mortgage and president of PLACE's mortgage and financial services division, signaling a deeper integration between the two entities. This leadership transition at Envoy Mortgage occurs amidst significant organizational shifts at Better Home & Finance Holding Co., where Smith previously served as Chief Operating Officer.
Better has been implementing substantial leadership changes following the recent ousting of its CEO, Vishal Garg. David Parrish has been promoted to head of enterprise operations, and Barry Feierstein is stepping down from his COO roles. Smith's departure from Better includes a separation agreement entitling him to a $416,666 payment and accelerated vesting of 10,000 restricted stock units.
The company is navigating a challenging financial period, having reported an adjusted EBITDA loss of $14 million in the second quarter of 2026, with expectations for this loss to widen in the third quarter. Better's stock has plummeted over 90% since its 2023 debut, and the company abandoned its previous target for profitability. Loan volume is also projected to decline.
Meanwhile, a battle for control of Better Home & Finance Holding Co. is ongoing. Vishal Garg, the ousted CEO, has engaged attorney Alex Spiro and is seeking to regain control through various proposals, including working for $1 until profitability and purchasing company stock. Better's board has unanimously voted to remove Garg, citing concerns over his judgment and significant cumulative losses. Both parties have initiated legal actions against each other, with a federal judge currently allowing Garg to continue his shareholder campaign while litigation proceeds.