Housing.com CEO and co-founder Rahul Yadav has been fired by the company’s board. The sacking comes after reports that Quickr was looking to acquire Housing.com, and Yadav’s alleged emails to employees that he was telling journalists two different sets of information on the whole issue.
In a press statement, Housing.com board unanimously agreed to bring Yadav’s tenure to a close, with reference to his behaviour towards investors, ecosystem and the media.
In a strongly worded press-statement, Yadav’s behaviour has been pinpointed as the reason for his firing. The press statement says, that the Board believes that Yadav’s behaviour is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building.
The Board has now started the hunt for a CEO and a transition plan has been put in place, says the press statement.
The current senior executives of Housing will continue to run the operations on a daily basis and the Board and the Operating Committee will remain closely involved with all key decisions, adds Housing.com.
Rahul Yadav had hit headlines for writing an audacious resignation letter to investors where he had called the board members as intellectually incapable and said that he did not wish to waste his precious remaining time on earth with them. Yadav had later apologised and ‘withdrawn’ his resignation.
He had also taken a shot at Zomato CEO Deepinder Goyal saying that it was “a company scanning menus from last 7 years and doing no innovation.” He had also allotted all of his personal equity stake in the company — worth between Rs 150 crore and Rs 200 crore — to all the 2,251 employees of the company.
In his latest antics, an internal note from Yadav to his staffers said he just had some fun with a bunch of reporters, feeding two sets of journalists, two sets of (false) information regarding possible acquisition of his company.