It was a fiery resignation letter that CEO and Chairman of Housing.com Rahul Yadav shot off turning the drama of several weeks into a spectacle.
But now, he has withdrawn his decision to call it quits. Financial Times reports,
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.
– Rahul Yadav, CEO and Chairman of Housing.com
He has reportedly withdrawn the resignation after the board decided to take a strong look at his grievances and include the main shareholder representatives in it, Financial Times reports.
Rahul Yadav, CEO and Chairman of Housing.com has resigned from his post, ending several weeks of drama at one of India’s most-watched start-ups, reports the Economic Times.
Rahul wrote a scathing letter on 30th April to the board members and investors denigrating their “intellectual capability” and giving them a one-week deadline to “help in the transition”.
I don’t think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also!
– Rahul Yadav in his resignation letter
Start-up Issues
According to a report in Mint, SoftBank, which had invested close to $90 million in November 2014, had been at war with the CEO for a while now. In April, Nikesh Arora, vice-chairman, SoftBank had quit the board of the company.
Investors in the firm have been concerned about the company’s high cash burn and the controversies it has become embroiled in.
– Mint.
Earlier in March, Rahul Yadav also got into a spat with Sequoia Capital India chief Shailendra Singh accusing the latter of “inhuman and unethical things”. Yadav was incensed at Singh’s reported attempt to lure Housing.com’s employees.
Yadav also had a run-in with the Times Group. The CEO-Chairman alleged that the group was spreading rumours that Housing.com’s board was looking to replace him. Yadav hinted that Times Group had a vested interest since it owns Magicbricks.com, a direct competitor to Housing.com.
Brash Attitude
In an interview to YourStory, Rahul disagreed that he has a problematic approach to challenges.
I’ve always been like this. It was the deans during college and now it is the VCs. It’s just an attitude I have.
– as told to YourStory.com
For now, the verdict is awaited. Housing was supposed to solve India’s housing-related issues, but for now, they will set their own house in order.
Meanwhile the Twitterati has had a field day.
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