Better authorizes $30 million stock buyback

Better Home & Finance Holding Co. authorized a share repurchase program of up to $30 million as it ramps up cost-cutting efforts and pursues a sale of its U.K. bank subsidiary, the company said Thursday. The New York-based digital mortgage firm said it will begin with an initial $10 million phase of buybacks of its Class A common stock. The authorization runs through Oct. 8, 2027, with repurchases subject to trading price, volume, the company’s liquidity and the pace of its cost savings plan. The move comes under the renewed leadership of founder Vishal Garg, who regained control of the board of directors this week and now serves as chief platform, product and innovation officer. Garg was removed as Better’s CEO in early August in favor of activist investor Daniel Lewis. Earlier this week, Garg announced “Better 2.0,” a plan that links capital returns to shareholders with operational savings and asset sales, including the proposed divestiture of its U.K. bank initiatives. A buyer consortium has placed 10 million pounds in escrow for the proposed acquisition of Birmingham Bank, but the transaction remains subject to regulatory approval and other closing conditions. Better said i...