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Rahul Yadav released as CEO of Housing; Board to ensure smooth functioning

Tags: Rahul Yadav, Housing, Nikesh Arora, SoftBank, Real estate

July 01, 2015 | COMMENTS ( 0 )

Rahul Yadav released as CEO of Housing; Board to ensure smooth functioning

Mumbai-based online realty platform Housing.com has released its CEO Rahul Yadav with immediate effect, after a regular board meeting, held earlier today. 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 Housing 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 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.

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 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 start-up ecosystem, which together remains unaffected and as strong as ever.

SoftBank, which has a 32 per cent stake in Housing, has formed an executive committee that controls the finances and operations of the company. The committee is led by Jonathan Bullock, the SoftBank executive who has replaced the investment firm's vice-chairman Nikesh Arora on the Housing board.

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