rahulyadavRealty portal Housing.com‘s board has fired the company’s co-founder and chief executive officer Rahul Yadav effective immediately. The development was also confirmed by Housing’s majority investor SoftBank and an official release from the company. Yadav will no longer be an employee or be associated with the company, the release read.

“The Housing Board, unanimously agreed to bring Yadav’s tenure to a close,  with reference to his behavior towards investors, ecosystem and the media.   The Board believed that his behavior is not befitting of a CEO and is detrimental to  the company, known for its innovative approach to product development, market expansion and brand building,” Housing said in a statement.

Housing said that the hunt for an interim CEO is underway and a transition plan has been put in place. The current senior executives of Housing will continue to run the operations on a daily basis, and ensure its continued smooth functioning.   The Board and the Operating Committee will remain closely involved with all key decisions.

Rahul Yadav took to Facebook to acknowledge that he is no longer with the company and seemed unrepentant.

Rahul Yadav FB

Full text of Housing’s statement:

Mumbai based online realty platform, Housing.com,(Housing) has released its CEO Rahul Yadav, with immediate effect, after a regular board meeting, held earlier today. Yadav who is also the co-founder of the company, will no longer be an employee of Housing and be associated with the company in any manner, going forward.

The Housing Board, unanimously agreed to bring Yadav’s tenure to a close, with reference to his behavior towards investors, ecosystem and the media. The Board believed that his behavior is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building.

While the search for an interim CEO is underway, a transition plan has been put in place, The current senior executives of Housing will continue to run the operations on a daily basis, and ensure its continued smooth functioning. The Board and the Operating Committee will remain closely involved with all key decisions.

The Housing Board, investors, management team and employees are keen to see Housing maximize its huge potential in India and beyond, as well as run in professional and world class manner. This is part of their larger commitment to India and the start-up ecosystem, which together remains unaffected and as strong as ever.

The Board thanks Yadav for his contributions and wishes him well, in his future endeavors.