Months of prolonged attention-seeking saga of Housing’s Co-founder and CEO, Rahul Yadav, has ultimately come to an end as the board decided to oust him from the company. An official statement issued by the company said,
Yadav will no longer be an employee of Housing and be associated with the company in any manner, going forward.
The board observed that
his behavior 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.
Rahul has been in the news for some time now over his controversial public statements. He had resigned in April this year, however, the board asked him to continue and lead Housing.
Rahul, along with 11 other co-founders, had floated Housing in 2012 and has since managed to secure more than $130 million in capital.
According to the company statement,
While the search for an interim CEO is underway, a transition plan has been put in place. The current senior executives of Housing will continue to run the operations on a daily basis, and ensure its continued smooth functioning.
The board and the operating committee will remain closely involved with all key decisions. The board also thanked Rahul for his contributions.
“The Housing Board, investors, management team and employees are keen to see Housing maximize its huge potential in India and beyond, as well as run in professional and world class manner. This is part of their larger commitment to India and the startup ecosystem, which together remains unaffected and as strong as ever,” said the official statement from Housing.