Better.com CEO Vishal Garg, who was in the eye of storm for firing 900 employees over a Zoom call, is reported to have taken “time off effective immediately”. Following a massive social media backlash over his handling of the layoffs, Garg issued an apology earlier this week, saying he “blundered the execution” of communicating the layoffs.
According to Motherboard, the digital mortgage company’s board of directors said in an email that the company has also hired an outside firm to “do a leadership and cultural assessment”. “Vishal will be taking time off effective immediately. During this interim period, Kevin Ryan as CFO will be managing the day-to-day decisions of the company and he will be reporting to the Board,” the company said in an email. “As well, the Board has engaged an independent third party firm to do a leadership and cultural assessment,” it added.
In a letter to employees that was leaked on Blind, an anonymous community app for the workplace, Garg said: “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.”
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The CEO had cited the market, performance and productivity as reasons behind the decision to lay off employees in the United States and India. Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.
“This isn’t news that you’re going to want to hear…If you’re on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately,” he says, adding that this is the second time he had to be in this situation in his entire career,” Garg had said on the Zoom call that ended in less than three minutes.
Even Indian CEO’s slammed Mr Garg over his “lack of empathy”
Garg has been involved in controversy before, as evidenced by an email he sent to staff that was obtained by Forbes.
“You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS… SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,” he wrote.
