The chief executive of a US mortgage company, Better.com, in hot water after firing 900 employees on a Zoom call.
“I come to you with not great news,” Vishal Garg, CEO of Better.com, said at the beginning of the video call made on Wednesday last week. Footage of the call was widely circulated on social media.
“If you’re on this call, you are part of the unlucky group being laid off. Your employment here is terminated effective immediately,” Garg continued, citing changes in the market, “efficiency” and “productivity” as the reasons behind the mass termination.
The market has changed … we have to move with it in order to survive,” the 43-year-old offered as explanation. “Ultimately it was my decision and I wanted you to hear it from me.”
He then reportedly said the employees could expect an email from HR with details of severance and benefits.
Garg, a self-described “serial entrepreneur”, said the decision was “really, really challenging” and noted it was the second time in his career he had made such job cuts.
“I do not, do not, want to do this. The last time I did this I cried. This time I hope to be stronger,” he said during the call.
