Glass Lewis Hits Better Board Governance in Founder Fight

Proxy advisory firm Glass Lewis criticized Better Home & Finance's board governance and leadership transition while simultaneously recommending against founder Vishal Garg’s campaign to remove five directors.

The proxy advisory firm's evaluation highlights mounting tensions over corporate oversight and executive succession at the digital mortgage lender as shareholders prepare for an upcoming consent solicitation deadline.

Governance Criticisms and Succession Concerns

Glass Lewis stated that Better’s governance record provides legitimate grounds for criticism, pointing specifically to the leadership transition process and communication between management and shareholders.

The firm questioned the appointment of Daniel Lewis as interim CEO, noting the short interval between his appointment as a non-employee director and his elevation to the chief executive role.

Stock Performance and Market Context

Amid the boardroom friction, Better's equity performance has shown notable gains compared to broader market benchmarks. Glass Lewis noted that Better’s stock increased approximately 104.5% from August 1, 2025, through August 3, 2026, compared with a 25.5% increase in the Nasdaq Composite during the same period.

This outperformance forms a backdrop for the ongoing leadership dispute, as investors weigh governance criticisms against share price appreciation over the preceding twelve months.

The Garg Group Consent Campaign

The conflict centers on an effort by the Garg Group to reshape the company's oversight by removing five sitting board members. The target date for the submission of written consents to remove directors Daniel Lewis, Harit Talwar, Arnaud Massenet, Bhaskar Menon, and Prabhu Narasimhan is set for September 18, 2026.

Glass Lewis acknowledged that the consent solicitation does not provide a mechanism for the simultaneous election of replacement directors, stating this absence should not be viewed as evidence that the campaign is incomplete.

What Is at Stake for Shareholders

The ongoing proxy fight highlights the complexities of board accountability in companies transitioning from founder-led operations to publicly traded governance models. With the September 18 consent deadline approaching, shareholders must evaluate whether to support leadership changes or maintain the current board structure despite documented concerns over succession planning.