Egan-Jones Examines Shareholder Verdict in Better Home & Finance Contest

NEW YORK, Oct. 28, 2026 /PRNewswire/ -- Egan-Jones released a commentary examining the outcome of the consent solicitation at Better Home & Finance (NASDAQ: BETR), where shareholders voted to reconstitute the board in favor of founder Vishal Garg. On October 5, Better confirmed that holders of a majority of its outstanding shares had consented to the Garg Group's solicitation, ending the contest and removing five of the company's eight directors, including Interim CEO Daniel Lewis.

Egan-Jones had recommended that shareholders consent FOR the solicitation in its September 15, 2026 research report. The two other leading proxy advisory firms sided with Better's incumbent board. The commentary gives three reasons for Egan-Jones' view: Better was executing a measurable turnaround under Garg, its strategy after his removal was the one he had been executing, and the board's process for removing him was unclear and inconsistent with its own conduct.

On performance, the commentary notes that in the two years before Garg's departure, Better's total shareholder return was 14%, greater than any other company in its peer group. Revenue rose quickly year after year, and earnings, while still negative, were steadily improving.

Egan-Jones observes that neither side disputed that Better's strategic direction stayed the same under Lewis, which made the contest about execution rather than strategy. Several wins that management cited, including a completed Credit Karma home equity partnership, were built and announced under Garg.

The commentary also questions the board's process. Garg was terminated the same morning the board was reportedly celebrating the Credit Karma partnership. In the roughly five weeks after his removal on August 3, Better's stock fell approximately 53%, underperforming every peer in the comparison group, and several senior leaders left.

The outcome does not by itself reinstate Garg as CEO. Its practical effect is a reconstituted board, now cut to five seats, that can draw on Garg's product and strategy expertise as the company settles its permanent leadership.

Egan-Jones concluded that shareholders would be better served by a board that restored Garg's influence over the company's direction, and a majority of Better's shareholders reached the same conclusion. With the contest settled, the focus shifts from governance to execution.

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SOURCE Egan-Jones Ratings Co.