Housing.com’s Co-founder Rahul Yadav is no longer the CEO of the company. No, this time, he did not resign. In fact, the board unanimously agreed to remove him from the position.
The company officially announced it in a release below
Mumbai based online realty platform, Housing.com,(Housing) 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.
The Board thanks Yadav for his contributions and wishes him well, in his future endeavors.
According to a report by the Economic Times, the company is touting his “behaviour towards investors, partners and the media” as the reason for his firing. “Rahul was on probation from the last time he resigned, and when he didn’t meet targets set by the investors, he was asked to leave,” said one of the investors of the company.
A couple of days ago, there was a rumour about Quikr acquiring Housing which spread like wild fire on the internet. And Rahul exploited that opportunity to “have fun” with the media by confirming the news to a section while negating the speculation to the rest.
Wednesday morning, Yadav updated his FB status as:
From the post above it appears that Rahul is still in good spirits even after the decision. To read more about the background of the controversies leading upto this, check out the recommended posts on the right.