Garg returns to Better.com promising change

Vishal Garg is returning to the CEO position at Better.com just five weeks after temporarily stepping aside following the controversy related to the firing of 900 workers at the start of December.

The news was first reported by the New York Times.

"I am deeply sorry for the angst, distraction and embarrassment my actions have caused," according to an email sent by Garg to company employees reviewed by National Mortgage News. "I've spent a lot of time thinking about where we are as a company and the type of leadership Better needs…and the leader I want to be."

That includes being more conscious of the effect his words have on people. Garg came under criticism, not only for the language used in the Zoom call and afterwards about those who were fired, but other past comments regarding addressing the capabilities of his staff.

"As many know, I am direct in my communications but too often, I have not chosen my words carefully enough," Garg said. "I have expressed my feelings in the heat of the moment, without enough care for the effect they may have on colleagues."

He committed to being more thoughtful and communicating more effectively.

Garg said he will be placing more trust in the people helping to lead Better.

In a separate email sent to announce Garg's return, Better's board of directors said the company also is conducting searches for a new chairman, president and chief human resources officer.

Chief Financial Officer Kevin Ryan, who ran Better on a day-to-day basis in Garg's absence, has been designated as interim president.

Additionally, Richard Benson-Armer, a partner at Activant Capital and a former senior partner at McKinsey, is the interim CHRO.

In addition, the company created an internal Ethics and Compliance Committee, led by Paula Tuffin, general counsel and chief compliance officer, who will report directly to Better's board.

Meanwhile, two existing directors, including Raj Date, the managing partner at Fenway Summer and the former deputy director of the Consumer Finance Protection Bureau, are leaving the board. The other director who resigned is Dinesh Chopra, chief strategy and corporate development officer at Ally.

"While we do not comment on individuals' determinations to leave the board, Raj and Dinesh did not resign because of any disagreement with Better," the memo from the board said.

Prabhu Narasimhan, chief investment officer of Aurora Acquisition, the special purpose acquisition company merging with Better, will join the board when the deal closes. Aurora has the right to nominate an additional director.