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Wednesday, Jul 06, 2022

Top Executives At Better.com Resign After CEO Vishal Garg Fires 900 On Zoom Call

Top Executives At Better.com Resign After CEO Vishal Garg Fires 900 On Zoom Call

"This is a first wave of resignations, and the company expects more," a person familiar with the matter said
Three top executives have resigned from Better.com -- and more are expected to follow suit -- after the CEO of the mortgage company fired 900 employees over a Zoom call. Leaked footage of the brutal call went massively viral on social media last week - prompting intense backlash against CEO Vishal Garg.

Mr Garg, 43, later apologised for the manner in which he handled the layoffs - but that has not prevented the company's head of marketing, head of public relations, and vice president of communications from handing in their resignation, reports The Daily Beast.

"This is a first wave of resignations, and the company expects more," a person familiar with the matter told The Daily Beast.

The three senior employees were not asked to step down, Insider reported. The outgoing head of public relations Tanya Gillogley, head of marketing Melanie Hahn, and VP of communications Patrick Lenihan all declined to comment on the matter.

Vishal Garg, who has come under intense criticism after the SoftBank-backed company laid off about 9 per cent of its workforce through the video call, said he had "blundered the execution" of communicating the layoffs.

"I realize that the way I communicated this news made a difficult situation worse," Mr Garg said in a letter dated Tuesday.

The CEO had cited the market, performance and productivity as reasons behind the decision to lay off employees in the United States and India.

"This isn't news that you're going to want to hear...If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately," he told 900 employees during the Zoom call.

Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.
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