home Business 26-year old CEO of Housing.com takes his Resignation and Words back

26-year old CEO of Housing.com takes his Resignation and Words back

Housing.com, a company founded by Rahul Yadav and 11 other IITians, is considered as one of the most promising real estate start-ups in the country that allows customers to search for housing on various parameters. Last year, the company also managed to raise $90 million, mostly from the Japanese firm SoftBank and Falcon Edge Capital.

According to reports, on April 30, Yadav resigned from the post of CEO, Chairman and a member of the board of Housing.com accusing the board members and investors, as ‘intellectually incapable’ and also gave investors a deadline to ‘help in the transition.’ However, few days later (5th May 2015) he withdraws his resignation and also apologised for his comments against board members.

“After some frank and healthy discussions with the board, I have agreed to withdraw my resignation and I apologise for my unacceptable comments about the board members. I look forward to staying on at Housing.com as CEO and building an even greater company, while working in full harmony with the board,” the e-mail quoted Mr. Yadav as saying.

This resignation and then its withdrawal comes after a series of events and conversation with the board. Here is a little snippet of events:

March 6: Yadav accuses managing director of Sequoia Capital Shailendra Singh of poaching employees from Housing.com. Writes: “If you don’t stop messing around with me, directly or even indirectly, I will vacate the best of your firm.”

March 12: After Yadav’s mail to Singh is made public, reports circulate that investors want him out. Yadav denies this.

April 30: Yadav sends a scornful letter of resignation to board members and investors, calling to question their intellectual abilities and giving them a 7-day deadline to “help in the transition”.

May 1: Investors respond through the law firm Morrison & Foerster LLP acknowledging the resignation.

May 5: Housing.com board meets and is reconstituted to include all main shareholder representatives. Yadav withdraws his resignation.

Sources: The Hindu, Mumbai Mirror