3 top executives of Better.com resign after CEO lays off 900 people over Zoom call

WION Web Team
New Delhi Published: Dec 09, 2021, 07:34 PM(IST)

CEO Vishal Garg founded Better.com in 2016 Photograph:( Agencies )

Story highlights

The resignations come in response to the last week’s mass layoff when CEO Vishal Garg abruptly terminated about 9% of the employees, which comprised of staff from US and India.

Days after the US-based mortgage come, Better.com, unceremoniously fired 900 people over Zoom call, three top executives have tendered their resignation.

Three of the companies’ top communications executives include Tanya Gillogley, head of public relations, Melanie Hahn, head of public relations, and Patrick Lenihan, VP of communications, according to multiple media reports.

The resignations come in response to the last week’s mass layoff, when CEO Vishal Garg abruptly terminated about 9% of the employees, which comprised of staff from US and India.

Garg received severe backlash over his move, following which he wrote an apology for the current employees of the SoftBank-backed mortgage lender firm.

Also see | CEO abruptly terminates over 900 employees in US and India over Zoom call

“I failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better,” the letter reads.

“I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you.”

During the Zoom call, Garg had cited market efficiency, performance and productivity as the reason behind the firings.

Fortune later reported that Garg accused laid-off employees of “stealing” from colleagues and clients by being unproductive and working two hours a day.

“If you’re on this call, you are part of the unlucky group that is being laid off," Garg, who founded Better.com in 2016, said on the call on Monday.

“Your employment here is terminated effective immediately,” he said, adding that employees could expect an email from HR detailing benefits and severance.

(With inputs from agencies)

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