Tuesday, December 14, 2021

Better.com CEO to take leave of absence after Zoom layoff disaster

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Better.com CEO to take leave of absence after Zoom layoff disaster

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Better.com Chief Executive Officer Vishal Garg is taking time off effective immediately, Vice reported on Friday, citing an email from the digital mortgage company’s board.

Garg apologized earlier this week for his manner of handling layoffs at the mortgage company after a video of him firing 900 people via a Zoom call went viral on social media.

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 email.

Better.com’s board has also engaged an independent third party firm to do a leadership and cultural assessment, according to the report.

Better.com did not immediately respond to a Reuters request for comment.

Garg, who has come under fire following his actions at the SoftBank-backed company, said earlier this week he had “blundered the execution” of communicating the layoffs.

The CEO had cited the market, performance and productivity as reasons behind the decision to lay off employees in the United States and India.

Pictured: Better.com CEO Vishal Garg seated at a round table during a Zoom meeting
Vishal Garg is taking a leave of absence as CEO of Better.com amid the fallout after footage of this Zoom call during which he fired some 900 workers went viral.
Zoom

Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.

The company said in May it would go public through a merger with blank-check firm Aurora Acquisition Corp, in a deal that valued it at $7.7 billion.

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