Housing.com co-founder Rahul Yadav has stepped down from the position of the CEO and has also resigned from his directorship and chairmanship of the startup he founded with his peers. He wrote a resignation letter on April 30 to board members and investors and giving them one-week deadline. The board of Housing will meet on Tuesday to discuss the resignation and chart a new plan for the company.
Here is the complete resignation letter by Rahul Yadav
Dear board members and investors,
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! I had calculated long back (by taking avg life expectancy minus avg sleeping hrs) that I only have ~3L (hours) in my life. ~3L hrs are certainly not much to waste with you guys!
Hence resigning from the position of Directorship, Chairmanship and the CEO position of the company. I’m available for the next 7 days to help in the transition. Won’t give more time after that. So please be efficient in this duration.
The investors responded a day later through the law firm Noah Carr Morrison & Foerster LLP acknowledging his resignation.
In a discussion among the Investor group, I was requested to send you an express acknowledgement, on their behalf and without any other effect on the terms of our agreements, of your April 30 resignation from your positions (1) on the board of directors (including as chairman and managing director) and (2) as CEO.
With best regards Noah Carr Morrison & Foerster LLP
The clash with Times Group came after ET reported that investors were considering to remove Yadav, due to concerns over strategy and his conduct. However now in a turn of events, Yadav himself has taken a stand. It is yet to be seen how this will steer the future of one of the fastest growing startups in the country.