BETR Faces Corporate Governance Dispute After Founder's Ouster
Better Home & Finance Holding Co. (Nasdaq: BETR) is embroiled in a corporate governance conflict following the ousting of founder and CEO Vishal Garg by interim replacement Daniel Lewis, Managing Partner at Orange Capital. In response to this leadership change, Better Home implemented a poison pill on August 20, which could prevent Mr. Garg from forming his own slate of directors. Despite this move, Mr. Garg has garnered over 45% shareholder support for replacing five board members, including Mr. Lewis, through a consent solicitation that ends October 2. Governance expert Charles Elson criticized the poison pill as an entrenchment device rather than a protective measure for shareholders. The situation is further complicated by recent executive departures and a significant drop in BETR's stock price—down 55% since Mr. Garg was removed. Mr. Garg has also proposed three potential director candidates, including Silicon Valley figure William
Topics: CEO ousting director slate battle poison pill defense shareholder consent solicitation