Rahul Yadav will continue to be the CEO of Housing.com. Hours after his indignant resignation letter to his board members went viral on social media making his name the top Twitter trend in the country, the IIT graduate withdrew his resignation and even apologised for this comments.
“After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologise for my unacceptable comments about the board members. I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board,” said an official quote attributed to Yadav.
The tone here was a far cry from his resignation letter which suggested the board was not “intellectually capable” enough to have “sensible discussion with”. “…I only have ~3L (hours) in my life. ~3L hrs are not much to waste with you guys,” the CEO had purportedly written in the resignation letter.
Housing dot com CEO Rahul Yadav resigns and writes this not so charitable letter to investors. Wow! pic.twitter.com/fvjeciFVX8
— Sujit Patel (@SujitPatel99) May 5, 2015
The Housing.com board, which met after the fiasco, decided to reconstitute itself and include all main shareholder representatives in it. It has also “reaffirmed its faith in Rahul Yadav’s vision at Housing”, an official statement said.
Housing.com came into the limelight in December 2014 after it raised $90 million in private equity from SoftBank Group, Falcon Edge and other investors. The company ambitiously planned to use to map over 40 million houses across 300 cities in India. Housing.com, started in 2012 by Yadav, has so far raised more than $121 million in investment.
The company site says the “only thing that matches the enthusiasm of our employees is the audacity of what we do”. It seems their CEO took this a bit too seriously.