Housing.com relieves Rahul Yadav of his duties as CEO

Mumbai-based online realty platform Housing.com's board has relieved its chief executive officer (CEO), Rahul Yadav, with immediate effect on account of his behavior towards investors, ecosystem and the media, as per an official statement released by the company. The decision was taken at a board meeting held in Mumbai yesterday.

According to the statement, 'Yadav, who is also the co-founder of the company, will no longer be an employee of Housing and be associated with the company in any manner, going forward'.

It further says, 'The board believed that his behavior is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building'.

The company stated that the search for an interim CEO is underway. Meanwhile, 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 professional and world-class manner. This is part of their larger commitment to India and the start-up ecosystem, which together remains unaffected and as strong as ever' - the statement read.

Currently, Housing's board is represented by Nexus Venture Partners' Suvir Sujan, SoftBank Group's Jonathan Bullock and two representatives from Helion Venture Partners.

Yadav has been in the news first for writing a disrespectful resignation to its investors, then announcing to give away all his Housing.com stock, worth about Rs.150-200 crore to the company's 2,000-plus employees.

Last week, various reports stated that he has stepped down from his post.