Mumbai: Capping the tumultuous stint of its co-founder, realty portal Housing.com's board sacked Rahul Yadav as the CEO saying that his behaviour towards investors and media was not "befitting" of his position.
Yadav, an IIT drop-out who co-founded the start-up, has been in the thick of a controversy after he questioned the intellectual capability of the board and had put in his papers on May 5. Later, he apologised and went back on his decision.
Hours after being shown the door, Yadav took to Facebook to vent his ire at the developments saying, "Board: CEO title of Housing.com. Take that away then what are you? Me: A Genius Billionaire (in Rs) Philanthropist." Sacking Yadav as the CEO with immediate effect, the company termed his "behaviour towards investors, ecosystems and the media not befitting of a chief executive."
"Housing.com has released its CEO Rahul Yadav, with immediate effect, after a regular board meeting held earlier today," the SoftBank-led board said in a statement here. Yadav will not be an employee or part of the SoftBank- backed portal in any manner. He will no longer be an employee of Housing and will not be associated with the company in any manner, going forward," it added.
There was, however, no word on the exit package offered to Yadav, who in May, gave away all his holding worth Rs 200 crore in the company which recently valued at over Rs 1,500 crore.
Last month, he hogged the limelight again when he gave away all his holding, worth about Rs 200 crore, in the company to the employees.
The board, unanimously agreed to bring Yadav's tenure to a close, with reference to "his behaviour towards investors, ecosystem and the media".
"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 statement said.
Founded by 12 IITians in June 2012, Housing.com last December raised USD 90 million through private equity infusion from SoftBank Group, the Japanese telecommunications and Internet corporation, along with Falcon Edge and other existing investors.
The company has so far raised four rounds of funding since inception. While the search for an interim CEO is underway, Housing said 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," it said.
The Board, investors, management team and employees are keen to see Housing maximise its huge potential in the country and beyond, as well as run in professional and world class manner, the company said.
Within two years of its founding, the company expanded from its original rent and resale proposition to include PGs and hostels, serviced apartments, land, plot projects and new projects.
The Mumbai-based online real estate platform has more than 2,551 employees spread over 100 cities.
[In a nutshell]Board: CEO title of Housing.com. Take that away then what are you?Me: A Genius Billionaire (in INR) Philanthropist.Posted by Rahul Yadav on Tuesday, June 30, 2015
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