- Better.com CEO Vishal Garg abruptly informed more than 900 employees that they were being terminated just before the holidays — on a Zoom call.
- “If you’re on this call, you are part of the unlucky group that is being laid off,” Garg stated on the call. “Your employment here is terminated effective immediately.”
- Reportedly, Garg accused the employees of “stealing” from colleagues and customers, and the diversity, equity, and inclusion recruiting team were among those fired.
Ramishah Maruf from CNN Business writes:
“Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Thursday, abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.
“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said on the call, a recording of which was viewed by CNN Business. “Your employment here is terminated effective immediately.”
He then said employees could expect an email from HR detailing benefits and severance.
“Having to conduct layoffs is gut wrenching, especially this time of year,” CFO Kevin Ryan said in a statement to CNN Business. “However a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.” Garg cited market efficiency, performance and productivity as the reason behind the firings. Forbes later reported Garg accused the employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day.
“This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried,” Garg said on the call, which remained short and emotionless. Among those fired were the diversity, equity and inclusion recruiting team…”
See full story here.