CTO of Better.com, Diane Yu is now transitioning from her position as chief technology officer to an advisory role a day after the digital mortgage lender declared a voluntary separation program for certain employees, according to an internal company memo. The former CTO of Better.com will play an advisory role in the company, which will provide her “more flexibility to spend more time with her family and additional time in Hong Kong,” according to the internal memo, which is signed by CEO Vishal Garg.
Diane Yu Joined as the CTO of Better.com in January 2021
Yu joined Better.com in January 2021 to guide the startup’s engineering and technical system. She formerly directed engineering as CTO at Comcast for its Advanced Advertising Group. At the time, the firm was at its height, stating that it was underwriting $3 billion per month in mortgage loans and that it had hired over 4,000 employees since the beginning of the pandemic in March 2020 — a 10-month period.
The Company Has Fired Nearly 4,100 Employees
Over the past year, though, the number of refinancings dropped immensely and home sales also took a plunge in the face of increasing mortgage interest rates. Since December 1, 2021, the firm has laid off more than 4,100 employees. On April 5, Better.com offered corporate and product, design, and engineering employees the option to voluntarily resign in exchange for 60 days of paid severance and health insurance coverage.
On April 7, the former CTO of Better.com, Yu referenced the voluntary separation program on LinkedIn but did not directly mention her decision:
“I am reaching out to my network to let you know that some of Better’s great engineers will sign up for this program due to their own personal situations. If you are in need of hiring engineering talents, please leave your contact information in the comments below, or reach out to me directly.”