CEO who fired 900 employees over Zoom resumes worktext_fields
The notorious Indian-origin CEO of Better.com, an online mortgage company, renowned for firing about 900 employees over Zoom a few weeks before Christmas last month, is returning to his position.
"I come to you with not great news. 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," Garg had said in the call. He received widespread flak for how he informed about 9 per cent of his company's employees of their termination. He also informed them that they could expect an email from the Human Resource department detailing benefits and severance. Market efficiency, performance and productivity were cited as reasons for termination.
"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," Garg said by means of apology later.
Afterwards, the company announced in a staff memo that Garg is taking time off following the "very regrettable events". "As you know, Better's C.E.O. Vishal Garg has been taking a break from his full-time duties to reflect on his leadership, reconnect with the values that make Better great and work closely with an executive coach," read the email sent by the company's board to staff.
"We are confident in Vishal and in the changes he is committed to making to provide the type of leadership, focus and vision that Better needs at this pivotal time," it said.
"I understand how hard these past few weeks have been. I am deeply sorry for the angst, distraction and embarrassment my actions have caused. I've spent a lot of time thinking about where we are as a company and the type of leadership Better needs ... and the leader I want to be," Garg said in a separate letter to employees.