Former CEO Returns After Boardroom Shakeup

The former chief executive who announced a mass dismissal over a video call just before the holiday season is now seeking reinstatement. He claims he was misled by the newcomer who took the board’s seat. The ousted leader says the new director used praise on social media to gain trust before pushing him out.

The firm’s market value has plummeted after a turbulent stretch. When the pandemic drove mortgage rates below three percent, the startup was valued at eight billion dollars. Today, with refinancing almost gone and rates near seven percent, the AI‑driven lender is worth only three hundred million. A disastrous 2023 SPAC merger crushed the share price by ninety‑three percent, and years of losses have piled up.

Despite the slump, the ex‑CEO says he was close to turning things around. He built AI models that process loans in minutes, a job that once required dozens of staff for days. A partnership with Neo Home Loans doubled productivity and cut origination costs by half. Major tech names such as Intuit, Coinbase and OpenAI have signed on this year, and a home‑equity line of credit business is growing. Loan volume has tripled and the company is near profit.

The board replaced the long‑time leader with a hedge‑fund manager who had joined six months earlier. The new chief argues the previous boss was too aggressive and could not meet investor expectations. Since the change, the stock has fallen forty‑five percent, and many investors have reached out to the former CEO, asking him to reclaim the top spot.

The ousted executive believes the board made a mistake, accusing the new leader of hiding his ambition. He says the board’s decision was driven by a desire to appear decisive rather than by real performance issues. He remains on the board and says he is ready to step back in if the shareholders demand it.