New Delhi: Vishal Garg, Chief Executive Officer (CEO) of Better.com is being given the time with immediate effect, according to an internal email from the board of the digital mortgage company.
In the latest transition, Chief Financial Officer Kevin Ryan will manage the company’s day-to-day decisions and report to the board, Vice reported, citing an internal email.
Garg recently ruthlessly fired 900 employees over a Zoom call, a video of which went viral on the social media platform. Garg had said on the call, “If you are on this call, you are part of the unfortunate group that is being laid off. Your employment here is now terminated.”
He cited market efficiency, performance and productivity as the reasons for the layoffs of hundreds of company employees.
He also apologized earlier this week to current employees for their way of dealing with layoffs at the hostage company, days after the company sacked hundreds of employees.
In the mail, Garg admitted that he made a mistake in communicating the decision. The email was leaked by a current employee of Better.com.
“I failed to show a fair amount of respect and appreciation for the individuals affected and for their contribution to the better. I have made the decision to lay off, but in communicating it, I made a mistake in execution. In doing so, I Embarrassed you,” read his email to current employees.
Founded in 2016 and headquartered in New York, Better.com provides mortgage and insurance products to homeowners through its online platform, according to a Reuters report. Read also: Garena Free Fire Redeem Code Dec 11: Check How To Get Free Items, Diamonds
Better.com is expected to go public through a merger with blank-check firm Aurora Acquisition Corp, in a deal that was valued at $7.7 billion. Read also: PM Modi to address depositors at Bank Deposit Insurance Program on Sunday
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