Mumbai-based online realty platform, Housing.com (Housing) has released its CEO Rahul Yadav with immediate effect after a regular board meeting held earlier on Wednesday. Yadav, who is also 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 behaviour 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 maximise 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 startup ecosystem, which together remains unaffected and as strong as ever.
The Board thanks Yadav for his contributions and wishes him well in his future endeavours.