Official statement of Housing states,
“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 endeavours.”
Rahul Yadav, CEO of Housing has been fired from the board of the company. His behaviour towards investors, partners and media have been the reason for this step being taken by the board.
“The board believed that his behaviour is not befitting of a CEO and is detrimental to the company,” said a person close to the development.
According to ET, which first reported about this development, he was asked to leave the premises immediately after the meeting. Even local police was also called in case anything happens but Rahul left the premises without any incident.
The company is now searching for interim CEO.
[Story is developing]
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