Garg secures shareholder support to return as Better CEO

Vishal Garg, who founded the mortgage company Better, announced on August 13 that enough shareholders support his plan to take back control of the business. The shareholders who signed declarations hold a majority of the company's voting power. Garg wants to change the board of directors and return to a recovery strategy he led before. He has hired lawyer Alex Spiro to manage the shareholder action. On August 10, Garg sent the board a letter explaining his demands. If the board refuses to make the changes, shareholders are ready to call a special meeting to force them through. His plan includes buying back $30 million in stock and paying himself just $1 a year until the company becomes profitable.