Arnaud Massenet
About Arnaud Massenet
Arnaud Massenet, 59, serves as an independent director of Better Home & Finance (BETR) since the August 22, 2023 Closing of the Business Combination with Aurora Acquisition Corp. He holds a B.A. from the Lincoln International School of Business (Paris) and an MBA from the University of North Carolina; prior roles include Head of Morgan Stanley’s London derivatives group (1998), founding Lehman Brothers’ corporate derivatives group (2003), and co‑founding Net‑a‑Porter (sales in 2010 and 2015). He is Managing Partner at NaMa Capital Advisors LLP (formerly Novator Capital), and previously served as CEO of Aurora and an executive officer of Novator Capital Sponsor Ltd.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Morgan Stanley & Co. | Banking; later Head of derivatives group (London) | Started 1994; Head in 1998 | Led derivatives group in London |
| Lehman Brothers Inc. | Started corporate derivatives group (Capital Markets) | 2003–2007 | Built corporate derivatives capability |
| South West Capital | Founder (hedge fund focused on real assets) | 2007 onward (post-Lehman exit) | Investment leadership in real assets |
| Net‑a‑Porter | Co‑founder | Founded 1999; sold in 2010 and 2015 | Built and exited leading e‑commerce brand |
| Aurora Acquisition Corp. | Chief Executive Officer | Pre‑Closing of Business Combination (to Aug 22, 2023) | SPAC sponsor leadership |
| Novator Capital Sponsor Ltd. | Executive Officer | Pre‑Closing of Business Combination | SPAC sponsor executive |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NaMa Capital Advisors LLP (formerly Novator Capital) | Managing Partner | Current | Investment and advisory leadership |
| Grip (subsidiary of Intros.at Ltd.) | Board Member | Current | AI for virtual conferences; private company |
| Design Milk Co. (ASX‑listed) | Director | Current | Large interior design platform on ASX |
Board Governance
- Committee assignments (2024): Corporate Governance & Nominations Committee member; not listed on Audit or Compensation. Committee meetings held in 2024: Audit (7), Compensation (6), Corporate Governance & Nominations (6). Attendance: each director attended at least 75% of Board and applicable committee meetings; all directors attended the 2024 Annual Meeting. Independence: Board determined all current directors other than CEO Vishal Garg are independent under Nasdaq Rule 5605 (i.e., Massenet is independent).
- 2023 Annual Meeting attendance: Messrs. Massenet and Narasimhan attended; board had no formal annual meeting attendance policy in 2023.
- Re‑nominations: 2025 Proxy nominated six incumbent directors; Massenet listed with principal occupation and credentials.
- 2025 Annual Meeting vote detail: Arnaud Massenet received 5,466,965 “For”, 718,184 “Against”, 1,266 abstentions; broker non‑votes 3,830,781.
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $275,000 | Under the 2024 Non‑Employee Director Compensation Policy for directors representing significant equity holdings; payable quarterly; no equity awards in 2024. |
| Committee fees | Not disclosed | No separate committee fees disclosed. |
| Meeting fees | Not disclosed | Not disclosed. |
Performance Compensation
| Award Type | Grant Date | Quantity/Value | Vesting | Performance Metrics |
|---|---|---|---|---|
| RSUs (Director) | 2024 | None | N/A | N/A (non‑employee directors did not receive equity in 2024) |
| RSUs | 08/29/2025 | 11,327 RSUs | Not specified in proxy; Form 4 indicates RSU grant | Not specified in filing summary |
Note: The Director Compensation Policy provides that non‑employee directors elected subsequently (without significant equity holdings) receive $150,000 cash plus $150,000 in RSUs annually, vesting on the business day immediately preceding the annual meeting; this structure applied to directors appointed in August 2025.
Other Directorships & Interlocks
| Company | Type | Role | Possible Interlock/Conflict |
|---|---|---|---|
| Design Milk Co. (ASX) | Public | Director | Consumer design platform; no disclosed transactions with BETR. |
| Grip (Intros.at Ltd. subsidiary) | Private | Board Member | AI events; no disclosed transactions with BETR. |
| Aurora Acquisition Corp. / Novator Capital Sponsor Ltd. | SPAC/Sponsor | Former CEO / Executive Officer | Sponsor party to Registration Rights Agreement post‑Closing; reflects historical SPAC sponsor affiliation. |
Expertise & Qualifications
- Financial and derivatives expertise from Morgan Stanley and Lehman; investment leadership at South West Capital; entrepreneurial track record co‑founding Net‑a‑Porter.
- Education: B.A. (Lincoln International School of Business, Paris), MBA (University of North Carolina).
- Current investment leadership at NaMa Capital Advisors LLP.
Equity Ownership
| Metric | As of/Date | Amount | Notes |
|---|---|---|---|
| Class A common shares (beneficial) | April 15, 2025 | 65,344 | Footnote indicates 27,844 Class A shares plus 37,500 shares issuable upon exercise of warrants (aggregate 65,344). |
| % of Class A | April 15, 2025 | 1% | As reported in beneficial ownership table. |
| Warrants (Private) | Historical (424B3 context) | 37,500 warrants | From Sponsor/merger consideration; explains post reverse split share math to current holdings. |
| Pledged/Hedged | N/A | Not disclosed | CEO founder had pledge allowance via side letter; no pledge disclosure for Massenet. |
Governance Assessment
- Independence and committee role: Board affirmed independence under Nasdaq rules; serves on Corporate Governance & Nominations Committee, supporting board composition, evaluations, and leadership structure. Attendance met policy thresholds, with full annual meeting attendance in 2024.
- Alignment and incentives: 2024 director compensation for Massenet was entirely cash ($275,000), reflecting “significant equity holdings” category; no equity grants in 2024. RSU grant reported in 2025 via Form 4 improves long‑term alignment, though specific vesting terms were not outlined in available summaries.
- Potential conflicts: Historic roles as Aurora CEO and Novator Sponsor executive create a sponsor‑affiliation backdrop; Sponsor is party to the Registration Rights Agreement post‑Closing. Audit Committee oversees related person transactions per governance disclosures. Board nevertheless determined independence in 2025. No specific related‑party transactions involving Massenet were disclosed in the excerpts reviewed.
- Shareholder support: 2025 director election results show strong but not unanimous support (approx. 88% “For” vs. “Against+Abstain” excluding broker non‑votes), consistent with investor confidence, albeit slightly lower than some peers on the slate.
RED FLAGS
- SPAC sponsor affiliation: Prior executive positions at Aurora/Novator Sponsor could be perceived as potential conflicts; monitor any transactions with sponsor‑affiliated entities; rely on Audit Committee oversight of related party transactions.
- Equity structure complexity: Multi‑class share structure and warrants may complicate voting/economic alignment analyses; ensure ongoing disclosure clarity.
Insider Trades
| Filing | Date Filed | Transaction Date | Details |
|---|---|---|---|
| Form 4 | 09/02/2025 | 08/29/2025 | Reported grant of 11,327 RSUs to Director Arnaud Massenet (quantity as disclosed in filing summary). |
Note: For comprehensive Form 4 details (price, vesting, derivative vs. non‑derivative classification), consult the SEC PDF filing linked above.
Director Compensation Summary (2024)
| Director | Cash Fees ($) | Stock Awards ($) | Options ($) | Other ($) | Total ($) |
|---|---|---|---|---|---|
| Arnaud Massenet | 275,000 | — | — | — | 275,000 |
Committee Structure Snapshot (2024)
| Director | Audit | Compensation | Corporate Governance & Nominations |
|---|---|---|---|
| Arnaud Massenet | Member |
Annual Meeting Voting (2025)
| Nominee | Votes For | Against | Abstain | Broker Non‑Votes |
|---|---|---|---|---|
| Arnaud Massenet | 5,466,965 | 718,184 | 1,266 | 3,830,781 |