WASHINGTON — Indian-American entrepreneur Vishal Garg has been ousted as chief executive of Better Home & Finance following a unanimous vote by the company's other board directors.

Garg's removal took place in early August, with hedge-fund manager Daniel Lewis appointed as interim CEO just one week after joining Better's board. The board cited concerns regarding Garg's “ judgment, temperament and credibility” to justify the termination.

The company also highlighted severe financial setbacks during his tenure, including:

Losses exceeding $1.5 billion since 2022 A decline of more than 90% in company stock price Market valuation dropping from approximately $8 billion during the pandemic to roughly $300 million Annual sales falling from $1.5 billion in 2021 to $70 million in 2023 Garg previously gained international attention in December 2021 when he fired more than 900 employees during a three-minute Zoom call. Following that incident, he took a temporary leave of absence before returning to lead the digital mortgage lender he founded in 2014.

Disputing his termination, Garg asserted in a CNN interview that the company was on the verge of a turnaround, noting that loan volume had tripled and that Better was nearing profitability. He also claimed that 2026 revenue is on track to reach $200 million as the business leans into AI-driven mortgage automation and home-equity lending.

Garg stated that he felt “ hoodwinked” by Lewis and has hired a prominent law firm to fight for his reinstatement. He has offered to work for $1 a year until the company returns to profitability, claiming support from shareholders holding special voting powers.