CEO Sacked all 900 Employees via Zoom Call Before Christmas. During Wednesday’s webinar, Vishal Garg dismissed 9% of Better.com’s personnel, including the entire diversity, equality, and inclusion team.
On the three-minute Zoom conversation, Mr Garg, noticeably uneasy, told staff colleagues that something horrible was coming their way.
“I have bad news for you,” the 43-year-old CEO explained.
“As you are aware, the market has changed, and we must adapt in order to survive and, hopefully, continue to develop and fulfill our objective.
“This isn’t the kind of news you want to hear. But, in the end, it was my choice.
“I also wanted you to get a message from me. It’s been a really difficult decision to make.”
Garg did not hold back in announcing that 15% of the company’s employees will be laid go.
Rather of waiting until after the holidays, Mr Garg delivered the shocking revelation during the conversation.
“This isn’t news you’ll want to hear… if you’re on this call, you’re part of the unfortunate group that’s being laid off,” he added plainly.
“Your job with us has been terminated with immediate effect.”
“F**k you buddy,” one disgruntled employee who recorded the call can be heard yelling on the video. “Are you f**king serious?”
Mr Garg accused hundreds of the now-redundant employees of “stealing” from their colleagues and customers by being unproductive after the video was made public.
“You guys know that at least 250 of the workers sacked were working an average of two hours a day while logging eight hours+ a day in the payroll system?” the caustic CEO said in a sequence of communications reviewed by Fortune.
“They were stealing from you, as well as our consumers who pay our bills. Educate yourself.”
Later, Better.com’s CFO Kevin Ryan told CNN that the layoffs were “gut-wrenching, especially at this time of year… but, a fortress financial sheet and a smaller and focused team position us poised to play offense heading into a drastically altering housing market.”
The corporation is valued at $7 billion after receiving a $750 million financial injection last week. This isn’t the first time the CEO has been the center of attention.
Mr Garg sent an email to colleagues in November 2020, saying them they were “too damn sluggish” and a “bunch of dumb dolphins.”
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