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Housing Dissolves ‘Operation Committee’ Setup By Its Investors To Track Performance

Housing has decided to dissolve a committee setup by its investors, created to keep a track on management, finances and operations of the company. The development came after Jason Kothari was appointed as the new CEO.Housing

The five-member team is led by SoftBank’s Jonathan Bullock and members from the rest of Housing’s investors.

“The operating committee was constituted to help the company navigate through a difficult management transition, and ensure stability and continuity during that period,” said Ritesh Banglani, partner at Helion Ventures and board member at Housing.

The committee was created on May, a week after Rahul Yadav’s resignation from the post of CEO. Almost two months later, the board of directors decided to fire Yadav from the position and took control of the company.

“(Now) the board has complete confidence in the management to independently lead the organisation and has recommended dissolution of the operating committee,” added Banglani.

The company’s board members includes Kothari, Bullock, Banglani, Nexus Venture Partner’s Suvir Sujan and Housing’s cofounder Abhishek Anand.

Housing’s Lay Off Reel

The company has approximately laid off more than 800 employees this year only. Housing had a workforce of 2,600 employees in August before the alarming stream of layoffs continued since August.

The real-estate portal has laid off an unconfirmed number of employees this month and shifted their focus on the home-buying market.

It had also laid off 200 employees on November, and another 600 employees in August.

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