Instead, his group said it plans to install an outside interim CEO with mortgage-industry expertise while Garg becomes Better’s head of product, platform and innovation.
asserted
Garg → say → product
“This is a resounding victory for Better’s shareholders, customers and employees, who all participated in organizing the resistance to the coup led by Daniel Lewis and the incumbent board,” Garg said in announcing the vote.
asserted
Garg → participate → vote
The vote “serves the best interests of every Better shareholder,” said Garg attorney Alex Spiro of Quinn Emanuel.
asserted
Spiro → serve → Emanuel
“No public CEO has ever been pushed out, litigated the issue, and won his way back in two months.
asserted
CEO → push → months
Vishal Garg has been vindicated,” he added.
asserted
he → vindicate → ?
Better is a New York-based, publicly traded digital mortgage lender the market value of which has plunged to roughly $200 million to $230 million from a $7.7 billion valuation when its SPAC deal was announced in 2021.
asserted
deal → base → 2021
The latest development would mark a dramatic reversal in a bitter boardroom war that erupted after Garg nominated Lewis — an investor who had become a close confidant — to Better’s board on July 27.
asserted
who → mark → July
Just one week later, the board fired Garg after roughly 11 years as CEO and installed Lewis as interim chief.
asserted
board → fire → chief
The breakup was particularly striking because Lewis had spent months showering Garg with praise in private text messages.
asserted
Lewis → spend → messages
“I actually love you,” Lewis wrote Garg in March.
asserted
Lewis → love → March
Lewis also called Garg “by far the most compelling CEO in my public portfolio” and told him: “I find you at a level that is in the 0.01%.
asserted
that → call → %
I know what I see.”
asserted
I → know → what
Even hours after Garg’s ouster, Lewis wrote him shortly a bit midnight on Aug. 4: “You are the last person I am texting tonight — you are on my mind.
asserted
you → write → mind
You are in my heart, whether you believe it or not.”
asserted
you → believe → it
Less than two minutes later, Lewis wrote in all caps: “REMOVING VISHAL GARG IS NOT WINNING.
asserted
REMOVING → write → GARG
Lewis previously told The Post that he had been an outside shareholder trying to “coach” Garg when he sent the effusive messages.
asserted
he → tell → messages
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asserted
Report → start → news
He said his view changed after getting an inside look at Better and discovering what he described as “corporate waste,” “related-party dealings” and “toxicity and dysfunction.”
asserted
he → say → waste
“All the love died when the diligence began,” Lewis said.
asserted
Lewis → die → ?
Better initially portrayed Garg’s departure as an amicable transition, saying on Aug. 3 that he had stepped down and that the two sides had “mutually agreed” it was time for new leadership.
asserted
it → portray → leadership
The company later said every director other than Garg had voted to fire him over concerns about his “judgment, temperament and credibility.”
asserted
director → say → judgment
Garg responded by launching a shareholder rebellion aimed at removing Lewis and directors Harit Talwar, Bhaskar Menon, Arnaud Massenet and Prabhu Narsimhan.
asserted
Garg → respond → Lewis
That campaign quickly became messy.
asserted
campaign → become → ?
Garg initially claimed shareholders backing him represented a majority of Better’s voting power, but his lawyers later acknowledged that the original bloc controlled only a little more than 45%.
asserted
bloc → claim → %
Garg said the mistake resulted from a voting-power schedule prepared by Better’s own in-house securities counsel that included convertible options that could not actually be voted.
uncertain
that → say → options
Better subsequently sued Garg in Manhattan federal court, accusing him of federal securities-law violations tied to the shareholder campaign, including allegedly misleading statements about his support and improper coordination with other investors.
uncertain
Better → sue → investors
Garg denied wrongdoing and accused Better of playing “gotcha,” arguing that some directors had themselves asked him to demonstrate shareholder opposition to the new leadership.
asserted
directors → deny → leadership
The Aporia
