Reality rental info website Housing.com’s CEO and co-founder Rahul Yadav has been sacked with immediate effect following a board meeting decision on Wednesday for his behaviour not not befitting the role, said the company in a statement.
The company said, "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 operations will continue as they are, the company is on lookout for a possible successor. In a dramatic scene at the board, police were deployed fearing protests from his supporters and soon after the board’s decision, Yadav was asked to leave the remises.
While the major investor Softbank was seen to be behind the move, rumours that Quickr was planning a takeover of the Housing.com have apparently forced the board to move quickly and show Yadav the door.
One of the youngest CEOs of country, Yadav, 26, an IIT-Bombay dropout, has been making his ranting public via social media, of late. His decision to return his stake to employees was applauded around the world but his resignation on April 30 accusing the investors — Softbank, Nexus Venture Partners and Helion — as wholly incapable of intellectual discussions had gone viral on the social media. "I don’t think you guys are intellectually capable enough to have any sensible discussion anymore," Yadav wrote in his earlier resignation letter, which he withdrew later with an apology.
His personal equity stake of Rs 150 crore to Rs 200 crore was given away to to all the employees of the company later. Housing.com raised in December $90 million through private equity infusion from SoftBank Group along with Falcon Edge and other existing investors and it has 2,551 employees in over 100 cities that it lists in India.