On April 30, the CEO of India's Housing.com, Rahul Yadav, resigned in sensational fashion telling the Board and investors by email that he doesn't think they are "intellectually capable enough to have any sensible discussion anymore."
Here is the full text of the email as reported in BGR.in:
Dear board members and investors,
I don’t think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also! I had calculated long back (by taking avg life expectancy minus avg sleeping hrs) that I only have ~3L (hours) in my life. ~3L hrs are certainly not much to waste with you guys!
Hence resigning from the position of Directorship, Chairmanship and the CEO position of the company. I’m available for the next 7 days to help in the transition. Won’t give more time after that. So please be efficient in this duration.
This was followed up a day later with a Board meeting in which they all kissed and made up and the resignation letter was withdrawn and an apology issued.
Here is the text of the apology as reported in NextBigWhat:
After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologize for my unacceptable comments about the board members. I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board” [Rahul Yadav]
Housing shot to fame as one of India's startup success stories after Japan's SoftBank led an investment of $90 million ( Rs 550 crore) in December, valuing it at Rs 1,500 crore. Since then, Yadav has been in the spotlight for the wrong reasons — he became embroiled in a social media dust-up with Sequoia Capital Managing Director Shailendra Singh.