Vishal Garg, CEO of Better.com, who laid off 900 employees over a recent Zoom call, is taking time off “effectively immediately,” the company’s board said in an email. According to a news report from Vice, Chief Financial Officer Kevin Ryan will handle the day-to-day operations of Better and report to the board in the interim.
In addition, the online mortgage lender’s board has also commissioned an independent third-party firm not named to review the leadership and culture at the company.
The board said in an email, “We have a lot of work to do and we hope everyone can focus on our customers and support each other to build a great company and a company that has a lot to offer.” But we should be proud.”
This step a. came after tiktok videos Garg has gone viral with his employees saying that around 15% of the company’s employees are being sacked.
Garg said in the TikTok video, “It has been a really, really challenging decision. This is the second time in my career that I am doing this, and I don’t want to do it. Last time I did, I cried.”
He later wrote an apology mail to his current employees, saying he had made an “execution error” in communicating about the layoffs.
The CEO cited market, performance and productivity as the reasons behind the decision to lay off employees in the United States and India.
Established in 2016 and headquartered in New York, better.com Provides mortgage and insurance products to home owners through its online platform.
The company said in May that it would go public through a merger with blank-check firm Aurora Acquisition Corp, which was valued at $7.7 billion.
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