Here is what happened to Better.com CEO Vishal Garg after firing 900 staff over Zoom call
Better.com CEO Vishal Garg “is taking time off,” the company’s board said in an email, following mass firings of employees via a Zoom.
Better.com CEO Vishal Garg “is taking time off effective immediately,” the company's board said in an email, following mass firings conducted via conference call that sparked outrage among employees. Better is an online mortgage lender.
Chief Financial Officer Kevin Ryan will handle Better's day-to-day operations and report to the board in the interim, according to the email from the board, published Friday by news outlet Vice. The board has also commissioned an independent third-party firm it didn't name to conduct a review of leadership and culture at the company, according to the email.
“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 board said in the email.
Representatives for Better didn't immediately respond to requests for comment.
The report comes after a video shared to social-media platform TikTok showed Garg telling Better staff on a Zoom video conference call that they were among about 15% of the company's staff being dismissed.
“It's been a really, really challenging decision to make,” Garg said in the TikTok video. “This is the second time in my career I'm doing this, and I do not, do not want to do this. The last time I did it, I cried.”
Ensuing media coverage described Garg insulting his workforce via email and in meetings.
Garg later apologized for how he handled the firings in a letter, saying he “failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better.”
Read full apology letter written by Better.com CEO Vishal Garg below:
The company posted this on its website A Message From Our Founder & CEO
Dec 7, 2021
I want to apologize for the way I handled the layoffs last week.
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.
I realize that the way I communicated this news made a difficult situation worse. I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be.
At Better, your dedication, focus and expertise are essential in the vital work we are doing to unlock the value, joy and opportunity of homeownership for our customers across the country. I couldn't be more grateful for all you are accomplishing for the customers we serve.
We will talk more at our upcoming All Hands meeting about what to expect for the year ahead. I hope you'll join me for the discussion. We are also taking fast steps to make sure we are very transparent and aligned as a company on the goals for 2022, the metrics that matter most, and how we can all work together even better to serve our customers and achieve our mission.
I believe in you, I believe in Better, and I believe that working together we can make homeownership better together.
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