After firing 900, Better.com CEO Vishal Garg takes time off with immediate effect
Business

After firing 900, Better.com CEO Vishal Garg takes time off with immediate effect

By Jessica

New Delhi: Better.com Chief Executive Officer (CEO) Vishal Garg is said to be taking time off with immediate effect, according to an internal email from the digital mortgage company’s board. 

In the latest transition, Chief Financial Officer Kevin Ryan will be managing the day-to-day decisions of the company and will be reporting to the board, Vice reported citing the internal email.

Garg recently mercilessly fired 900 employees on a Zoom call, a video of which went viral on social media platforms. “If you’re on this call, you’re part of the unfortunate group that is being laid off…Your employment here is now terminated,” Garg had said on the call. 

He had cited reasons such as market efficiency, performance, and productivity for laying off hundreds of the company’s employees. 

A few days after firing hundreds of company employees, he also apologised earlier this week to the current employees for his manner of handling layoffs at the mortgage company. 

In the mail, Garg accepted that he blundered in the execution of communicating the decision. The email was leaked by a current employee of Better.com. 

“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. 

Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform, according to a report by Reuters. Also Read: Garena Free Fire Redeem Codes December 11: Check how to receive free items, diamonds

Better.com is expected to go public through a merger with blank-check firm Aurora Acquisition Corp, in a deal that valued the mortgage firm at $7.7 billion. Also Read: PM Modi to address depositors in bank deposit insurance programme on Sunday 

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