Board dismisses Better.com founder, installs activist investor as interim CEO

In a boardroom showdown, Better.com's directors voted to end Vishal Garg's 12-year tenure as CEO and appointed activist investor Daniel Lewis as interim chief executive. Court documents show that Lewis had previously sent numerous admiring texts to Garg, describing him as a rare talent. After the termination, the company and Garg entered a federal lawsuit in Manhattan, each accusing the other of unlawful conduct.

Better.com claims Garg attempted illegal moves to oust Lewis and four board members, while Garg argues he should become interim CEO if he prevails. The dispute has driven the company's stock sharply lower, with shares falling from a $27.30 close to a low of $15.95 the next day and later to $11.68. Both parties continue to negotiate, with Garg rejecting a proposed advisory role and the board later acknowledging a possible mistake in installing Lewis.