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Housing.com releases CEO

Housing.com, the online property firm based out of India, with the backing of Softbank of Japan, undertook a coup in ousting erstwhile co-founder and CEO last Wednesday. In a report from in.reuters.com, Rahul Yadav was unceremoniously removed from his position after months of conflict with major investors.

Previously, Yadav had tendered his resignation, citing many issues he has with the current investors in the company. He did withdraw the resignation after a few days. This time to, he was removed after major investors Softbank, Sequoia Capital and Helion Venture Partners, calling the act as a 'release with immediate effect.'

In a statement issued by the Board, it said, "The board believed that his behavior is not befitting of a CEO and is detrimental to the company."

In a report from economictimes.indiatimes.com, the Board's decision comes after four months of contentious dealings. One of the first issues that came to head was his email to Sequoia India Managing Director Shailendra Singh, who to him had poached an employee from Housing.com. Soon thereafter, he submitted a resignation letter where he lambasted the 'intellectual capability' of the company's board members. He did withdraw the said letter, apologizing to the board, but this was considered as the last straw.

Last May, in one of his most controversial decisions to date, Yadav announced he would be giving his entire 4.57% shareholdings in the company he co-founded to the current employees of the company. He then threw the gauntlet at the founders of Ola and Zomato to follow his lead.

His 'in your face' attitude is what has made him known in the industry, providing him the impetus to build one of India's most high profile start ups coming out of college. In three years, his leadership made Housing.com amongst the most successful stories in the start-up industry, which to date has accumulated around $140 million in investment money.


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