3 min learnNew DelhiAug 16, 2026 04:54 PM IST
Indian-American entrepreneur Vishal Garg, who went viral in 2021 after firing greater than 900 of his workers throughout a Zoom name, is searching for to return as chief government of the mortgage firm, Higher House & Finance, after being faraway from the function earlier this month.
Garg has accused Daniel Lewis, who changed him as CEO, of deceptive him about his intentions earlier than taking management of the corporate. Chatting with CNN, Garg alleged that Lewis gained the arrogance of the board and different executives by publicly supporting the corporate’s technique earlier than ultimately shifting into the highest job.
How did Vishal Garg lose his CEO place?
“He hoodwinked me,” Garg advised CNN. “He mentioned he favored the corporate’s technique. He praised us on X and used that to get on our board and win our confidence.”
Higher appointed Lewis as interim CEO on August 3, only a week after he joined the corporate’s board. An preliminary announcement mentioned Garg and the board had “mutually agreed” to the management transition. The corporate later mentioned its board, excluding Garg, had unanimously voted to terminate him, citing issues about his “judgment, temperament and credibility.”
Garg, nevertheless, maintains that his removing got here at a time when Higher was starting to get better from years of financial difficulties. The corporate, which was as soon as valued at round $8 billion in the course of the pandemic-era refinancing increase, was hit laborious by rising mortgage charges and the next collapse of its refinancing enterprise.
He shared that Higher’s annual gross sales dropped from $1.5 billion in 2021 to $70 million in 2023. He claims the corporate is now on observe to generate round $200 million this 12 months, helped by its AI-powered mortgage processing know-how and strategic partnerships.
“We’re successful. We’ve tripled mortgage quantity. We’re near profitability,” Garg mentioned. “We had been on the 5-yard line after taking the ball all the best way down the sphere from the opposite facet.”
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Lewis had reportedly suggested Garg for months on cost-cutting measures and bettering profitability earlier than becoming a member of Higher’s board on July 27. Garg now believes Lewis might have been aiming for the CEO place all alongside.
“I believe he at all times wished to develop into CEO,” Garg mentioned, including that he believes “the board made a mistake.”
Regardless of his removing, Garg stays a member of Higher’s board. He mentioned a number of traders contacted him after his ouster and inspired him to return as CEO. Garg additionally claims he has sufficient voting energy, together with assist from early traders, to probably regain management of the corporate.
He has employed outstanding lawyer Alex Spiro, a associate at Quinn Emanuel, and has formally demanded that Higher’s board reinstate him as CEO. Garg has additionally provided to work for $1 a 12 months till the corporate turns into worthwhile, after which he says he would ultimately step away.
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“It’s an acknowledgement that I’ve been doing this for 10 years, however execution hasn’t been excellent,” Garg mentioned. “I hope it will get resolved. I believe the long run nonetheless stays very brilliant for Higher.”
