After a serious of heated arguments with the investors, the CEO of Housing.com Rahul Yadav, has written a scathing letter to the board members at Housing and the investors.
In a letter to the board members and the investors, he bashed out at them for being intellectually poor and defiant to agree with his business prospects for the company.
The tension between the investors and the Housing CEO Yadav kept increasing as the investors questioned his strategies for business development. This eventually led to a public spat among the investors and Yadav and the heat never came down thereafter.
Now, Yadav has given the company just seven days to complete the transition and has clearly mentioned that he will not cooperate any further post seven days.
The war broke out in the open when Yadav’s mail to Shailendra Singh, Managing Director of Sequoia Capital, was out in the internet and was discovered in one of the Quora’s threads. The mail read that Singh was pressurizing the employees at Housing to start an incubation center. The Housing.com chief further said that if Singh didn’t stop ‘messing around’ with him, he would vacate the best in the venture capital firm.
This was Yadav’s Final Letter to the board members and the investors along with the acknowledgement of the board members from Housing.
Letter written by Rahul Yadav:
Dear board members and investors, I don’t think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also!
I had calculated long back (by taking avg life expectancy minus avg sleeping hrs) that I only have ~3L (hours) in my life. ~3L hrs are certainly not much to waste with you guys!
Hence resigning from the position of Directorship, Chairmanship and the CEO position of the company. I’m available for the next 7 days to help in the transition. Won’t give more time after that. So please be efficient in this duration.
Cheers,
Rahul.
Letter of acknowledgement from the board members:
Dear Rahul,
In a discussion among the Investor group, I was requested to send you an express acknowledgement, on their behalf and without any other effect on the terms of our agreements, of your April 30 resignation from your positions (1) on the board of directors (including as chairman and managing director) and (2) as CEO.
Thank you.
With best regards Noah Carr Morrison & Foerster LLP
