Following the resignation withdrawal of Rahul Yadav, CEO, Housing.com, Softbank has taken the responsibility of the company’s operations wing. Led by Jonathan Bullock, a committee of five Softbank members will now be supervising all major decisions of the company after Yadav and Softbank came to a truce.
Yadav had earlier resigned from his post as CEO after sending a rather scornful letter that spoke ill about Housing.com’s board members and investors; calling them “intellectually incapable”. Prior to his resignation, tensions were high between Yadav and his investors due to his reckless conduct and strategies. Softbank has spent around $1 billion in 2014 while investing in Housing, Snapdeal and Ola Cabs.
“It’s very hard to replace an entrepreneur’s passion and product focus with an outside CEO. I am sure this was a big factor for SoftBank,” said Kartik Hosanagar, who teaches Internet commerce at Wharton School of Business.
Jonathan Bullock will be present in Mumbai for a couple of days to understand Housing’s operations and plan of actions.
Experts have said that a repetition of the entire Housing fiasco could create second thoughts in the minds of start-up investors since most of the company founders are young entrepreneurs from premier institutes.
On a lighter note, Yadav has probably made his signature style of expressing his views by writing. On an e-mail he sent to his employees, he wrote “Just another day at Housing. I am still your CEO. Have fun : ) “
