Just 5 days after putting his papers, Housing CEO Rahul Yadav who happened to be the most talked about startup person of the day has withdrawn his resignation and has even apologised for the comments he made about the board members.
The company has also issued a statement stating that the Housing board met, and has been reconstituted to include all main shareholder representatives.
But according to a source close to the development, the authority to take financial decisions have been taken away from Rahul. Softbank, which holds 32% stake in Housing, will form an executive committee that will control the finances and operations of the company on a weekly basis.
A five member committee has been proposed and will be led by Jonathan Bullock, who has joined the boards of the company in place of Nikesh Arora. While other panel members are yet to be decided.
Adding on, Rahul now can take decisions only with the executive committee’s approval and all top employees will report to Bullock.
Rahul had resigned from the company on 30th April after series of conflicts starting with Sequoia Capital’s Shailendra, Times Group, Alok Kejriwal. Today, the board had called in meeting to discuss on various things involving the company.
He has also been asked to apologize to venture capital firm Sequoia Capital and to the Times Group, publisher of The Economic Times. He cannot leave the company without at least a six-month notice.
“After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologize for my unacceptable comments about the board members. I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board,” Yadav said in a statement.