Rahul Yadav, CEO of Housing.com has withdrawn his resignation. “I would stay as CEO of the company and work hard for the development of the company. I decided to withdraw my resignation and apologize to the Board members for my comments. I will work together to build great company.” he said.
After the meeting with the staff he decided to continue as CEO for the on line real estate company. Yadav has sent a letter to investors and board members of Housing.com
The full text of his letter is
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.
An investor said that SoftBank will form an executive committee which will control operations and finance of the company. SoftBank is a Japan company which invested $90 million. Shailendra Singh, a partner at VC fund Sequoia india had met Yadav to discuss funding but he declined. Later Japan’s SoftBank funded Housing.com.
One of the Housing,com’s senior employee was hired away by Sequoia which led Yadav to felt as victimised. He sent an email to Singh by calling him as unethical and inhumane which leaked to Quora. After it decided as a Hoax by so many, but then Shailendra replied on Quora. Yadav has been in spotlight for wrong reasons for messing up with Shailendra Singh who is the Capital managing director and later with Times Group.
On April 30, Yadav wrote resignation letter and send to investors and board members. He asked them to help in this transaction within one week. All the members responded a day later through the law firm Morrison & Foerster LLP acknowledging the resignation. Yadav should inform them before six months as per the contractors. Chief Officer Advitiya Sharma, Arora of SoftBank and Yadav are the member of Housing board. From Both Housing and Startups in which SoftBank was invested, Arora was stepped down late in the last month.