The board of Better Home & Finance has removed founder Vishal Garg as CEO following cumulative financial losses of over $1.5 billion and a sharp decline in share price. Daniel Lewis has been appointed as interim CEO. Garg is currently challenging his removal, creating governance uncertainty at the digital mortgage lender.
Better Home & Finance (NASDAQ: BETR) officially removed its founder and CEO, Vishal Garg, from his leadership position on August 3, 2026. The board of directors voted unanimously—excluding Garg—to terminate his role, citing deep concerns regarding the company’s cumulative financial losses, leadership credibility, and overall judgment.
The decision follows a difficult period for the digital mortgage lender, which has reported cumulative net losses exceeding $1.5 billion since 2022. Additionally, the company’s share price has fallen by more than 90% since 2021, a trend that the board pointed to as a primary driver for seeking new leadership. Daniel Lewis, who had joined the board just one week before the vote, has been named interim CEO.
The company’s ongoing financial pressure remains evident in its recent quarterly performance. For the quarter ending June 30, 2026, reported on August 6, 2026, Better Home & Finance posted a net loss of $30.6 million on total net revenue of $54.7 million. Beyond internal management challenges, the mortgage sector continues to face significant pressure from high interest rates, which have reduced refinancing demand and limited growth for digital lenders.
Vishal Garg has actively contested the board's decision. He alleges that he was misled by Daniel Lewis regarding the company’s strategic direction and his own board seat. Garg is currently working with legal counsel to challenge his removal and has formally petitioned the board to be reinstated.
Investors are now closely monitoring how this boardroom dispute affects the company’s operational stability. The primary risks moving forward include the potential for extended legal and shareholder litigation, the strain of ongoing quarterly losses, and the company's ability to maintain focus while navigating a leadership transition. Future updates regarding the resolution of the boardroom conflict and the company’s path toward reducing its net losses will be the key points for shareholders to track.