Better.com CEO Vishal Garg fires 900 workers over Zoom call.
On a Zoom webinar, an Indian-origin CEO of a US-based homeownership company fired over 900 employees, or around 9% of the company’s staff, citing market efficiency, performance, and productivity as reasons for the move.
Better.com CEO Vishal Garg abruptly stated on a Zoom webinar last Wednesday that the mortgage company is laying off around 9% of its workers.
According to the article, Better.com CEO Garg cited market efficiency, performance, and productivity as reasons for the firings.
“If you’re on this call, you’re part of the unfortunate group of people who are being laid off,” he continued.
“Your employment here is instantly terminated,” Garg remarked.
According to the story, Better.com CEO notified more than 900 employees on the conversation that they were being laid off just before the holidays.
In a statement to CNN Business, CFO Kevin Ryan said, “Having to undertake layoffs is gut-wrenching, especially this time of year.”
“However, a fortress balance sheet combined with a smaller, more focused workforce positions us to play offence in a rapidly changing homeownership market.”
Meanwhile, according to Fortune, Garg accused the employees of “stealing” from their coworkers and clients by being unproductive and working barely two hours per day.
“This is the second time I’ve done this in my career, and I don’t want to do it again. I sobbed the last time I did it. “On the phone, Better.com CEO said.
The diversity, equity, and inclusion recruiting staff were among those sacked.