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Better Home & Finance Appoints Linda Yaccarino as Independent Director
Better Home & Finance announced that Linda Yaccarino, former Chief Executive Officer of X, has joined the Board as Independent Director effective October 15. "Better is making life's largest financial decision for an American family more affordable, more accessible, and more transparent with AI. I am excited to be a part of something so important. When we were building X Money, I saw how friction in financial services affects the lives of hardworking American families, and the single greatest friction is what families experience when getting a mortgage," said Yaccarino. "Linda's extensive experience in enterprise partnerships, advertising and consumer behavior serves Better very well," said Vishal Garg, Better's Founder and Head of Product, Platform & Innovation.
Tinman AI Platform Reports Q3 Volume of $790M
Reports preliminary Q3 Tinman AI platform volume $790M. "We are proud of our people and leadership team, the strength of our Tinman AI platform, and our partners commitment to Better. We were able to continue to show growth despite the distractions and the macro environment. With my return, we are channeling the same energy and resilience to drive towards Adjusted EBITDA breakeven," said Vishal Garg, Founder & Head of Product, Platform & Innovation.
Better Home & Finance Authorizes $30M Stock Buyback
Better Home & Finance Holding announced that its Board of Directors authorized the repurchase of up to $30M of the Company's Class A common stock. Better intends to begin repurchases with an initial $10M phase.
Better Home & Finance Shareholders Support Removal of Five Directors
Vishal Garg, founder of Better Home & Finance, announced that the independent inspector of election delivered the final certification of Garg Group's consent solicitation. The final certification from the independent inspector of election confirmed that shareholders representing 52.02% of the company's outstanding voting power supported removing each of the five incumbent directors: Chairman Harit Talwar, Interim CEO Daniel Lewis, and directors Arnaud Massenet, Bhaskar Menon, and Prabhu Narasimhan. The board reduced its overall size from nine seats to five. Garg, as the sole remaining director, appointed Bing Gordon, Steven Sarracino and two current employees of the company to the board. "The appointments deliver on the Garg Group's commitment to bring experienced technology and growth investors onto the Board," Garg said in a statement. He added, "The Board is also taking steps to remove the Company's stockholder rights plan, commonly known as a poison pill, and dismiss the Company's outstanding litigation against Garg in the U.S. District Court for the Southern District of New York. An interim CEO candidate has been identified, and the Board is actively working to finalize their engagement. The appointment will be announced once the engagement documentation is complete."
Better Home & Finance Removes Five Directors
Vishal Garg and The Garg Group issued the following statement regarding this morning's update that the Special Committee of the Board of Directors of Better Home & Finance Corporation has decided to heed the will of shareholders who voted to remove five incumbent directors, including Daniel Lewis: "We would like to thank all the shareholders who supported us in this historic effort to put Better back on the path to success. We are pleased that the Special Committee has decided to cease its efforts and expenditures designed to dispute the will of shareholders who voted to remove five current directors. It is our intention to add two highly qualified Silicon Valley venture capitalists, Bing Gordon and Steve Sarracino, to the Board immediately and move ahead with our plan to position Better on the best footing possible. With this momentous step behind us, we look forward to focusing on the next chapter for Better, generating value for shareholders and supporting all the Company's stakeholders, including our employees, partners and customers."
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