I just got word that Better has put Nicholas Calamari, one of the company's co-founders and chief legal officer, on administrative leave. According to HousingWire, this move was confirmed by someone close to the situation, though the company hasn't said much about when it happened or who might be stepping into his shoes. What we do know from his LinkedIn is that Calamari has been with Better since early 2014, so this is a significant leadership shift for them.
This latest change is part of what's become a pretty intense period at Better's parent company. You may remember that founder Vishal Garg stepped down as CEO just recently, with board member Daniel Lewis taking over the interim role. Well, Garg apparently didn't stay on the sidelines for long. According to the reporting, Better's board filed a federal lawsuit just yesterday accusing Garg of running what they're calling an illegal campaign to push out board members and get himself back into the CEO seat.
The lawsuit paints a picture of quick action on Garg's part. The board claims that within days of being removed, Garg started organizing shareholders to vote out most of the current directors and install his own picks. The board is taking this seriously enough that they're citing some pretty rough financial numbers, including net losses exceeding one and a half billion dollars since 2022 and a stock price that's dropped more than ninety percent during Garg's time running the company.
As for Garg's side, he's apparently saying that shareholders representing a controlling stake actually back him and that he should be reinstated. He's brought on a high-profile attorney to represent him in this fight, so it's clear both sides are serious about what happens next.
What I am seeing locally with all this corporate turmoil is that it creates uncertainty for customers and partners alike. When a major mortgage lender and real estate platform is dealing with this level of internal conflict, it adds another layer of complexity for Bay Area buyers and sellers who might be considering using Better's services. These kinds of management battles can distract from operations and service quality, which matters a lot in this market.
