Updated December 11th, 2021 at 12:28 IST
Better.com CEO Vishal Garg takes time off after firing 900 employees on Zoom call: Report
Better.com Chief Executive Officer Vishal Garg, who fired 900 employees on a Zoom call last week, has decided to take time off with immediate effect.
Better.com Chief Executive Officer (CEO) Vishal Garg, who fired 900 employees on a Zoom call last week, has decided to take time off with immediate effect. Kevin Ryan, the company's chief financial officer, will be in charge of day-to-day operations and will report to the board, Vice reported citing an email from the company. According to the email, the board has also collaborated with a third-party agency to conduct leadership and cultural assessment. The findings of this assessment will be used to help Better develop a long-term, sustainable, and positive culture.
"We have much work to do and we hope that everyone can refocus on our customers and support each other to continue to build a great company and a company we can be proud of," the company added in the email. Garg has been making headlines since taking a severe step to fire his employees last week. A leaked video of the vicious call went viral on social media, resulting in a barrage of criticism directed at CEO Garg. During the three-minute Zoom call, the CEO had admitted that he had sobbed in the past while firing people, but this time he planned to "be stronger." "If you are on this call, you are among those unlucky people who are being laid off," he had told his employees.
Vishal Garg: “I wish I didn’t have to lay off 900 of you over a zoom call but I’m gonna lay y’all off right before the holidays lmfaooo”pic.twitter.com/6bxPGTemEG— litquidity (@litcapital) December 5, 2021
CEO Garg extends apology for his action
Garg had cited many reasons, including the market, efficiency, performance and productivity, to lay off the employees. He claimed that the company began evaluating staff productivity statistics four weeks ago. However, the 43-year-old CEO eventually extended his apology for the manner in which he handled the layoffs, as per The Daily Beast. It should be mentioned here that that Better.com, which was founded in 2016 and is based in New York, provides mortgage and insurance products to homeowners through its online platform.
Published December 11th, 2021 at 12:28 IST