The CEO Who Couldn’t Deliver on Promises

The recent ouster of Vishal Garg as CEO of Better.com serves as a reminder that, regardless of bold promises or innovative business models, execution is ultimately what matters. Garg’s leadership was marked by more hype than substance.

Garg made headlines in 2021 for his decision to fire 900 employees on a company Zoom call before Christmas. This move added to the company’s woes, with its valuation plummeting from $8 million during the COVID-19 pandemic to just $300 million today. Despite claims that he was turning fortunes around, Garg’s numbers tell a different story. Sales dropped dramatically from $1.5 billion in 2021 to $70 million in 2023 before showing signs of recovery, with Better on pace to deliver $200 million in sales this year.

Garg attempted to spin his ouster as a case of “he who hath the gold makes the rules,” but his claims ring hollow. It’s not just about being tricked or outmaneuvered; it’s about whether one can deliver on promises. The appointment of hedge fund manager Daniel Lewis, who promised to “save” the company, is a common pattern in the tech world where old mistakes are forgotten as long as numbers start looking up again.

Since Lewis took over, the company’s stock has plummeted 45 percent, and investors may be wondering if they’ve made a Faustian bargain by installing him as CEO. Garg’s determination to fight for his job is admirable but ultimately too little, too late. His legacy will likely be defined by the catastrophic firings of 2021 and his inability to deliver on promises.

In the world of tech, execution is everything. If one can’t deliver, no matter how bold the vision or innovative the business model, it’s time to get out of the way.