Vishal Garg, the CEO of Better.com, has taken time off with immediate effect after firing 900 people
Better.com After terminating 900 employees via Zoom call, the CEO has apparently taken time off with immediate effect
Better.com According to an internal communication from the digital mortgage company's board, Chief Executive Officer (CEO) Vishal Garg is taking time off with immediate effect.
According to an internal email obtained by Vice, Chief Financial Officer Kevin Ryan will be in charge of the company's day-to-day decisions and will report to the board.
On a Zoom conversation, Garg ruthlessly fired 900 employees, a video of which went viral on social media sites. "You're part of the unfortunate group getting laid off if you're on this call... Your employment with us has come to an end "On the phone, Garg stated.
He had cited market efficiency, performance, and productivity as justifications for cutting off hundreds of people.
He apologised to existing staff earlier this week for the way he handled layoffs at the mortgage company, only days after terminating hundreds of employees.
Garg admitted in the message that he made a mistake in communicating the decision. An email from Better.com was leaked by a current employee.
"I failed to show the appropriate amount of respect and appreciation for the individuals who were affected, and for their contributions to Better. I own the decision to do the layoffs, but in communicating it, I blundered the execution. In doing so, I embarrassed you," his email to the current employees read.
According to Reuters, Better.com, which was founded in 2016 and is headquartered in New York, provides mortgage and insurance products to homeowners through its online platform.
Better.com is set to go public through a merger with Aurora Acquisition Corp, a blank-check provider, in a deal valued at $7.7 billion.
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