After a melodramatic turn of events over the last few weeks, Mumbai-based online realty platform Housing has finally released its CEO Rahul Yadav with immediate effect after a regular Board meeting held earlier today.
Yadav, who is also the Co-founder of the company, will no longer be an employee of Housing or be associated with the company in any manner going forward.
The news comes in midst of talks of online classifieds portal Quikr likely to buy Housing in a cash and stock deal.
The Housing Board unanimously agreed to bring Yadav’s tenure to a close, with reference to his behaviour towards investors, the ecosystem and the media. The Board believes that his “behaviour is not befitting a CEO and is detrimental to the company known for its innovative approach to product development, market expansion and brand building”.
While the search for an interim CEO is underway, a transition plan has been put in place — the current senior executives of Housing will continue to run the operations on a daily basis, and ensure its continued smooth functioning. The Board and the Operating Committee will remain closely involved with all key decisions.
“The Housing Board, investors, management team and employees are keen to see Housing maximise its huge potential in India and beyond, as well as run in a professional and world-class manner. This is part of its larger commitment to India and the startup ecosystem, which together remains unaffected and as strong as ever,” said an official statement.
After a series of events, Japan’s SoftBank took charge of operations at Housing and a committee of five headed by SoftBank’s Board representative Jonathan Bullock took all major decisions.
This episode has raised a question over the current fascination with young CEOs straight out of college leading the most high-profile startups. The poor judgment, lack of maturity and unprofessional attitude of one leader has lead to a loss of faith in India’s young talent by investors, both domestically and globally.
Founders should not forget that with huge sums, comes an obligation to act maturely and responsibly.