New Delhi: Housing.com’s directors on Wednesday fired chief executive officer (CEO) Rahul Yadav on account of his so-called objectionable behaviour towards investors and the media.
“Yadav, who is also the co-founder of the company, will no longer be an employee of Housing and be associated with the company in any manner, going forward," the company said in a statement on Wednesday.
At a board meeting held in Mumbai, the company’s investors said Yadav’s behaviour towards “investors, ecosystem and the media" didn’t conform to his role as CEO and asked him to leave the organization with immediate effect, a company statement said.
“The board believed that his 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 decision ends the troubled relationship between the 26-year-old co-founder of Housing.com and the company’s investors, led by SoftBank. Yadav’s stint as CEO was marked by several public spats with investors and resignation threats.
The company said a search is underway for an interim CEO for the property listing website.
According to people familiar with the matter, a few more senior executives could be asked to leave over the next three-four weeks. Housing’s senior management team consists of 12 founders and external hires.
Yadav declined to comment.
In a Facebook post, following the board meeting in which he was asked to go, Yadav light-heartedly likened himself to Tony Stark or Iron Man, the fictional character in comic books published by Marvel.
“Board: CEO title of Housing.com. Take that away then what are you?
Me: A Genius Billionaire (in INR) Philanthropist"
Housing’s board is currently represented by Nexus Venture Partners’ Suvir Sujan, SoftBank Group’s Jonathan Bullock, and two representatives from Helion Venture Partners.
In an email sent to employees, Ajay Nair, Housing’s head of human resources, said: “The current senior executives of Housing will continue to run the operations. The board and the operating committee will remain closely involved with all key decisions."
The company was expected to come up with more announcements after a management meeting on Wednesday afternoon.
Last week, Yadav was in the news for stepping down from his position again, nearly two months after he wrote a scornful resignation mail to its investors.
In May, Yadav announced that he would give away all his Housing.com stock, worth ₹ 150-200 crore, to the company’s 2,000-plus employees, including support staff. The move didn’t win board approval.
“The board thanks Yadav for his contributions and wishes him well, in his future endeavours," the statement by Housing.com said.
On Monday, The Economic Times reported that online classifieds portal Quikr was in talks to buy Housing.com in a cash and stock deal at about $175 million. The negotiations are in very early stages, according to people familiar with the matter. They declined to be named.