Better.com is losing three more senior executives, including a senior vice president and vice president of sales.

- Advertisement -


Several sources told TechCrunch that three more senior executives at digital mortgage firm Better.com have stepped down.

- Advertisement -

These three leaders are: Gillian White, general manager of Better’s subsidiaries known as Better+, which consist of title/settlement, insurance, and housing inspection departments; Megan Bellinghamwho was Senior Vice President sales and operations and John Moffatwho served as vice president of sales.

- Advertisement -

Moffat confirmed his resignation but declined to comment further. White and Bellingham did not respond to requests for comment, nor did Better.com itself.

All three executives have been with the company for at least six years, and their departure was another blow to the struggling startup, which has made headlines over the past few months, starting in December 2021 with one of several massive layoffs.

- Advertisement -

What first wave of layoffs — which affected about 900 people — as well as subsequent staff cuts led to many problems for the company. These issues, combined with a challenging macro environment, including higher mortgage rates and a slowing housing market, have resulted in Better.com postponing its SPAC indefinitely, as well as receiving a lot of backlash and several other management resignations.

TechCrunch reported in February that Sarah Pierce, who served as EVP of Accounts, Sales and Operations, and Emanuel Santa Donato, who was SVP of Capital Markets and Growth, were no longer with the digital mortgage company. Pierce has been with Better.com since August 2016, when she started as a “development officer”. Santa Donato joined the company in January 2016 as a Capital Markets Officer.

Their departure followed the departure of three other executives. who left the company in December after layoffs: Patrick Lenihan, vice president of communications; Tanya Gillogly, Head of Public Relations; and Melanie Hahn, Head of Marketing.

CTO Dian Yu in April moved from management position to advisor position.

Earlier this month Pierce sued Better.com claiming that the company and its CEO Vishal Garg misled investors when they tried to go public through the SPAC.

When Pierce parted company earlier in the year, it was unclear if she left voluntarily or was asked to resign, but Pierce indicated in her costume that she had been kicked out.

In her lawsuit, according to the Wall Street Journal, Pierce alleged that Better.com misrepresents information about its business and prospects in order to be able to move forward with SPAK this would give the company an estimated $7.7 billion in post-buyback equity value. SPAC has been delayed and has not yet taken place.

Better.com is moving to lay off about 900 employees via a Zoom video call on December 1, 2021 went viral. It was hardly the first company to fire people over Zoom during a global pandemic, but the way it was done offended many.

Co-founder Garg has been widely criticized for being cold and insensitive in his approach. A few days later, he also added insult to injury. public blaming of injured workers “stealing” from your colleagues and clients because of your unproductiveness.”

Yet only one day beforeChief Financial Officer Kevin Ryan sent an email to employees saying that the company $1 billion on balance by the end of that week. In the weeks following the Garg layoffsapologized“and took a month”break“. Meanwhile, the staff detailed how he “driven by fear”, and a number of senior executives and two members of the board of directors resigned.

Then, on March 8, the company laid off about 3,000 of the remaining 8,000 employees in the United States and India and “accidentally issued severance pay slips too early”.

In April, a report showed that Better.com lost over $300 million last yeara sharp reversal from a profitable 2020. Garg is also the subject of numerous lawsuits by PIMCO, Goldman Sachs and other investors involving entities it controls.

TechCrunch has been approached by a variety of parties in recent months, including clients who say they lost money when the company unsuccessfully closed their home; former employees who say they were not given their share options due to them; and more former employees who say they can’t collect unemployment benefits because Better reportedly didn’t pay unemployment benefits.


Credit: techcrunch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox