Overview
- The company’s board, excluding Vishal Garg, said it voted unanimously to remove him as CEO and named Daniel Lewis interim chief executive after an August 3 leadership change.
- Garg has publicly rejected the ouster, hired prominent lawyer Alex Spiro, formally demanded reinstatement and offered to work for $1 a year until the company returns to profitability.
- Reports differ on Garg’s remaining board role: some outlets say he kept a board seat and voting leverage while others say he relinquished his director post, making control of shareholder votes a central dispute.
- Investors reacted sharply to the leadership shift, with the stock plunging about 45 percent, and the company faces a fragile recovery after revenues dropped from roughly $1.5 billion in 2021 to $70 million in 2023.
- The battle sets up likely legal and shareholder fights that could affect proposed restructuring moves, regulatory filings and the company’s ability to complete its turnaround after the 2021 mass Zoom layoff that damaged its public standing.