Fintech lender Better shook up its leadership ranks Monday, with founder and CEO Vishal Garg stepping down from the top executive job and Daniel Lewis assuming the role of interim CEO.

Garg founded the company, whose full legal name is Better Home & Finance Holding Co., in 2014. It is the parent of mortgage lender Better Mortgage Corp.

The company noted in a press release that Garg will work closely with Lewis during the leadership transition period and will remain on its board of directors.

Lewis, who was appointed to the Better board on July 27, is the founder of hedge fund Orange Capital LLC. Described by the company as a “significant shareholder of Better,” he served as CEO of Toronto-based Ascend Fundraising Solutions from 2018 to 2023 and was a managing director at Citigroup earlier in his career.

Better Chairman Harit Talwar praised Garg’s leadership in creating Tinman, the company’s AI-native loan origination system and software platform, and Betsy, its AI-based digital loan assistant, saying he brought “automation to a process that had not changed in decades.”

Garg noted in a statement that Better is at an “important inflection point,” adding that “now is the right time for new leadership.”

In light of the executive shake-up, the company announced it is moving its second-quarter earnings release up from Aug. 10 to Thursday, Aug. 6. It unveiled preliminary results Monday, showing a net loss of $30.6 million for the quarter, though revenue of $54.7 million was up 28% year over year and funded loan volume of $1.67 billion represents a 38% increase from the year-ago period.

Lewis pledged to scale the Tinman platform across the company’s distribution channels to provide “structurally lower unit economics while maintaining our differentiated service.”

“Our immediate priorities extend well beyond the cost reductions already underway, which we expect to exceed $45 million on an annualized basis by year-end, substantially above our previously announced $25 million target,” Lewis stated. “Looking at our target markets, HELOC demand continues to strengthen and is an area where we intend to expand activity as conditions are favorable, while enterprise customers and independent mortgage brokers demonstrate strong interest in the platform.”

The company noted that it continues to pursue a sale of Birmingham Bank, a subsidiary based in the United Kingdom.

In March, Better made waves with the “first token-backed, conforming mortgage” in a joint announcement with Coinbase, a U.S.-based cryptocurrency exchange. Notably, the offering received a green light from Fannie Mae, marking the first time the government-sponsored mortgage giant backed a crypto-based product that does not require borrowers to convert their cryptocurrency holdings into cash.