Online mortgage lender Better.com is looking to reinvent its image.
The struggling startup announced today that it has hired several new senior executives, including a new director of development and a new head of sales.
In case you missed it, Better.com has seen a slew of executives leave the company in recent months, during which time it has laid off thousands of employees in multiple rounds of layoffs.
Now the New York-based startup claims to have named Sushil Sharma as the first development director. Sharma previously served as Chief Product Officer at LendingTree and Match where he helped the company go public and led products, marketing analytics, CRM and revenue.
Steve Riddell has been named the company’s new head of sales. He has thirty years of sales experience with companies such as Casper, Sprint and Blinds.com, which were acquired by Home Depot.
“In just six years, Better has disbursed nearly $100 billion in mortgages,” said Vishal Garg, CEO and founder of Better, in a press release. “Expanding our team with seasoned professionals who are still fast, hungry and impatient will be critical to reaching our next phase of growth.”
In addition to Sharma and Riddell, Better also appointed Ryan Jewison to head Better Cover, the company’s digital insurance arm. He previously worked at US Bank, Doma and Elavon. Nick Taylor has been appointed head of Better Real Estate and has previously worked for Zillow in Sales and Strategy and Modus. Josh Durodola was appointed head of Better Services after serving as the company’s director of strategy and operations. Brian Roh was named VP of Human Resources after previously leading overall compensation and compensation strategy at Deloitte, Zeigler, Ripple, Chekr and Gopuff.
Jennifer Malin has been appointed Head of Corporate Risk and was previously a partner at the international law firm Winston & Strawn. And Nitin Bhutani was named Head of Marketing after previously working for HSBC, LendingTree and JG Wentworth.
In an interview with TechCrunch, Ro told me that he joined the company in May and is encouraged that the company has “talented people who want to be here and be part of the renaissance.”
“And to be honest, that’s why I joined the company too,” he added. “I believe in the mission that the process of buying a home should be faster, easier and cheaper. Better is still the leading online mortgage provider in the country. So they are leaders in what they do.”
Better was due to go public last year through a SPAC (Special Purpose Acquisition Company), which would have valued the company at more than $7 billion. Over the past few months, the company’s reputation and business have been hit by a slew of negative reviews and deteriorating market conditions, including a slowdown in the housing market and higher mortgage rates. Better handle your first wave of layoffsas well as subsequent staff cuts also led to many problems for the company.
In June, we reported that the company lost three senior executivesincluding senior vice president and vice president of sales. CTO Dian Yu in April moved from a management position to an advisory position.
In February, TechCrunch reported that Sarah Pierce, who served as executive vice president of customer service, sales and operations, and Emanuel Santa Donato, who was senior vice president of capital markets and growth, were no longer with the digital mortgage company. Their departure followed the departure of three other executives. who left the company last December after layoffs: Patrick Lenihan, vice president of communications; Tanya Gillogly, Head of Public Relations; and Melanie Hahn, Head of Marketing.
In June Pierce sued Better.com claiming that the company and CEO 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 misrepresented its business and prospects in order to be able to move forward. SPAK. After this lawsuit, several employees expressed their dissatisfaction with Pierce for the “big salary”, while many employees were left in the cold.
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.”
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 more than $300 million last year.a 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.
Additionally, a video surfaced in April of Garg and CFO Kevin Ryan addressing the remaining employees immediately after the CEO carried out these layoffs, corroborating multiple reports of his brash style and harsh words towards those affected.
In this video obtained by TechCrunch, Garg can be seen talking about layoffs and admitting to making a number of mistakes, including indiscipline in the company’s cash management and hiring strategy.
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Credit: techcrunch.com /