The Special Committee of Better Home & Finance Holding Company (NASDAQ: BETR) sent a letter to shareholders on August 28, 2026, urging them to reject a consent solicitation launched by former Chief Executive Vishal Garg, who is seeking to remove five of the company's eight board members and return himself to a leadership role.

The board unanimously determined, without Mr. Garg's participation, that he was unfit to continue leading the company. Mr. Garg initially accepted the decision but subsequently launched a campaign to reconstitute the board. The five directors he is seeking to remove are Daniel Lewis, Arnaud Massenet, Bhaskar Menon, Prabhu Narasimhan and Harit Talwar. Mr. Garg has not identified replacement candidates.

The Special Committee cited the company's financial performance under Mr. Garg's decade-plus tenure, including more than $2 billion in net losses from 2021 through the second quarter of 2026 and a stock decline of more than 90% following the company's de-SPAC transaction. The company generated $72 million in revenue in 2023, compared with a projection of more than $5 billion Mr. Garg outlined in a May 2021 investor presentation.

More recently, Mr. Garg missed a target of $1 billion in monthly loan origination volume by May 2026 by more than 40%. The company is now guiding to an Adjusted EBITDA loss of $15 million to $18 million in the third quarter of 2026. On the day his departure was announced, the stock fell 37%.

Better has filed a complaint against Mr. Garg seeking declaratory and injunctive relief, alleging violations of federal securities laws. The Special Committee has also adopted a shareholder rights plan in response to the consent solicitation.

Daniel Lewis is currently serving as Interim CEO. The company said it expects to exceed a previously announced $45 million annualized cost savings target and is advancing a process to sell its U.K.-based bank. The information in this article is based on a press release statement issued by Better Home & Finance Holding Company.