Better reports $22.9M in annualized savings from turnaround efforts

Better Home & Finance Holding Co. said on Wednesday that it has completed initiatives that are expected to generate $22.9 million in annualized savings as the mortgage lender continues its Better 2.0 turnaround plan. In the third week of its weekly management scorecard, released Tuesday, the company reported $6.6 million in additional annualized savings from staffing efficiencies in its sales and operations organization and reductions in third-party vendor spending. Spokespeople from Better did not confirm whether the company had conducted layoffs. But after founder and head of product and innovation Vishal Garg returned to the company in early October, Better announced plans to reduce its board from nine members to five, removing Chairman Harit Talwar, former interim CEO Daniel Lewis, and directors Arnaud Massenet, Bhaskar Menon and Prabhu Narasimhan. Garg, as the sole remaining director, appointed Bing Gordon, Steven Sarracino, Paula Tuffin and Nicholas Calamari to fill the board vacancies. Better also appointed Linda Yaccarino, CEO of telehealth company eMed and former CEO of X Corp., as an independent director on Oct. 15. A week later, Tuffin resigned from the board but wil...