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The CEO of this company laid off 900 employees via Zoom

2021-12-06T11:04:34.504Z


"If you are on this call, you are part of the unfortunate group that is being laid off," said Vishal Garg, CEO of Better.com, during a Zoom meeting with 900 employees. 


New York, NY (CNN) -

Better.com CEO Vishal Garg announced the layoff of approximately 9% of the mortgage company's workforce Wednesday during a Zoom webinar, abruptly informing more than 900 employees on the call who would be laid off just before the holidays.

"If you are on this call, you are part of the unfortunate group that is being fired," Garg said on the Zoom call, the recording of which was seen by CNN Business.

"Your employment here is terminated with immediate effect."

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He then said employees could expect an email from Human Resources with details of benefits and severance.

"Having to make layoffs is heartbreaking, especially at this time of year," CFO Kevin Ryan said in a statement to CNN Business.

"However, a balance of strength and a narrow, focused workforce together prepared us to play offense and enter a radically evolving homeownership market."

Garg cited market efficiency, performance and productivity as the reason behind the layoffs.

Fortune later reported that Garg accused employees of "stealing" from colleagues and clients for being unproductive and working only two hours a day.

"This is the second time in my career that I have done this and I don't want to. The last time I did, I cried," Garg said on Zoom's call, which was short and emotionless.

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Among those laid off was the diversity, equity and inclusion hiring team.

The Softbank-backed mortgage lender announced in May that it was going public through a SPAC (for special purpose acquisition company) and last week received $ 750 million in cash as part of the deal.

The company is poised to have more than a billion dollars on its balance sheet.

Garg has been involved in controversies before, as evidenced by an email he sent to staff that was obtained by Forbes.

"You are VERY ENDEMONICALLY SLOW. You are a bunch of DUMB DOLPHINS ... SO STOP. STOP. STOP RIGHT NOW. YOU'RE SHAMING ME," he wrote.

The Daily Beast reported in August that one of Garg's "most loyal lieutenants" received huge benefits, including millions of dollars in stock options that could be purchased immediately, not comparable to other employees.

Later, that person was placed on administrative leave for harassment.

Layoffs

Source: cnnespanol

All news articles on 2021-12-06

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