Fortune reported that Mr Garg accused employees of “stealing” from their colleagues and customers of being unproductive and working only two hours a day.
Indian-origin CEO of US-based homeowner company Vishal Garg has laid off over 900 employees, nearly 9% of the workforce, on a Zoom webinar, citing market efficiency, performance and productivity as the reasons behind the move.
The report said Mr Garg attributed the firing to market efficiency, performance and productivity.
“If you are on this call, you are part of the unfortunate group that is being laid off,” he said on the call.
Mr. Garg said, “Your employment here is terminated with immediate effect.”
The CEO informed over 900 employees over the call that they were being terminated just before the holidays.
He then added that employees can expect an email from the human resources department detailing the benefits and severance.
“It’s very difficult to lay off, especially at this time of year,” CFO Kevin Ryan said in a statement.
“However, a fortified balance sheet and a less and focused workforce set us up to take the crime to move into a fundamentally evolving homeownership market,” he said.
During this, Luck reported that Mr. Garg accused employees of being unproductive and “stealing” from their colleagues and customers by working only two hours a day.
“This is the second time in my career that I am doing this and I do not want to do this. The last time I did this, I cried,” Mr. Garg said on the call.
Among those fired were diversity, equality and inclusive recruitment teams.
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