What Better’s CEO swap means for its future

A leadership shakeup at Better this week underscores the company’s ongoing struggle to balance its mortgage origination business with its technology ambitions as it pursues profitability, a goal that now appears more distant than leadership previously projected. Daniel Lewis, whose hedge fund Orange Capital shut down in 2016 after 10 years in operation and a portfolio worth more than $1 billion, is taking the helm at Better as interim CEO. Viewed as an activist investor, he gained the top job after building a 5.8% stake in Better. In February, Orange Capital Ventures disclosed 587,490 shares of Class A stock in the company. “I have been a significant shareholder of Better for more than a year. Over the past year, I have become deeply engaged with the company as an independent adviser, resulting in my recent appointment to the board,” Lewis told HousingWire in exclusive comments via email. “During that time, I have worked closely with management on cost reductions, enterprise partnerships, strategic planning and operational initiatives, allowing me to develop a detailed understanding of Better’s technology, strategy, and operations. I undertook my independent advisory work as a conc...