Better founder Garg regains board control after shareholder vote

Vishal Garg, founder of Better Home & Finance Holding Company (NASDAQ: BETR), has regained control of the company's board of directors after shareholders representing 52.02% of outstanding voting power voted to remove five incumbent directors, according to a press release from the company.

The independent inspector of election certified the results of the consent solicitation, confirming the removal of Chairman Harit Talwar, Interim CEO Daniel Lewis, and directors Arnaud Massenet, Bhaskar Menon, and Prabhu Narasimhan.

Following the vote, the board was reduced from nine seats to five. Garg, as the sole remaining director, appointed Bing Gordon and Steven Sarracino, along with two current company employees, to the reconstituted board. Gordon is a co-founder of Electronic Arts and has served as an advisor at Kleiner Perkins. Sarracino is the founder of Activant Capital, a $1.45 billion venture fund, and was a former Better investor and director.

The board also announced steps to remove the company's stockholder rights plan, commonly known as a poison pill, and to dismiss outstanding litigation against Garg in the U.S. District Court for the Southern District of New York.

An interim CEO candidate has been identified, with the board working to finalize the engagement. The appointment is expected to be announced once documentation is complete.

Garg described the next phase of the company as "Better 2.0," with stated priorities including operational efficiency, expansion of its Tinman AI platform, home equity lending, the sale of non-core assets, and returning capital to shareholders.

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