Vishal Garg Regains Control of Better Home & Finance Board
Vishal Garg regained control of Better Home & Finance Holding Company after shareholders voted to remove five incumbent directors in a successful proxy fight.
Founder Vishal Garg regained control of the board of Better Home & Finance Holding Company after a proxy fight and consent solicitation. Shareholders representing 52.02% of outstanding voting power voted to remove five incumbent directors, including Chairman Harit Talwar and interim CEO Daniel Lewis. The board was reduced from nine seats to five, and Garg appointed four new directors, including Bing Gordon and Steven Sarracino.
The reconstituted board is now moving to remove the company's stockholder rights plan and dismiss litigation against Garg in the U.S. District Court for the Southern District of New York. Garg, who was removed as CEO in August, intends to serve as head of product, platform, and innovation while the company selects a new interim CEO.
Garg has introduced a 90-day plan titled Better 2.0, which focuses on operational efficiency, expanding the Tinman AI platform, and selling non-core assets. The plan aims to increase annual cost savings targets to $60 million. Garg noted that replacing a public company board is rare, stating that only 1.7% of such corporate proxy disputes have succeeded in the last decade.
