Better Home & Finance announced on Monday that Vishal Garg, the company’s CEO and founder who led the company from its early days through its successful IPO, would step down from his position.
Garg will remain a member of the company’s board of directors, and board member Daniel Lewis was named interim CEO, the company said.
“We built Better to disrupt the mortgage loan industry by developing and integrating AI solutions to simplify the process for borrowers across one of the largest asset classes in the world,” Garg said in a statement.
“In the last 10 years, we have helped more than 600,000 customers buy or refinance their homes across more than $110 billion in loan volumes, providing testament to the durable demand for what we have created. Better is at an important inflection point, and now is the right time for new leadership. I have come to know Daniel quite well, and I am confident he is the right person to lead the Company through this important time in its evolution.”
The announcement came the same day Better announced that it lost $30.6 million in the second quarter despite funded loan volume climbing 45 percent year-over-year, and revenue rising 28 percent in the same quarter.
This is a breaking news story and will be updated.
