Better.com's CEO Says He 'Blundered' By Laying Off 900 Employees In One Brutal Zoom Call
“The way I communicated this news made a difficult situation worse.”
The CEO of Better.com has been getting blasted online for laying off 900 employees during a single three-minute Zoom call before the holidays.
And now, he admits he could’ve handled it better.
CEO Vishal Garg apologized on Wednesday for the way he axed 9% of his staff, in a one-page memo posted on the mortgage lender’s website.
The memo was addressed to his “team,” not to the people he laid off, and he apologized for embarrassing those who still have jobs at the company.
“I own the decision to do the layoffs, but in communicating I blundered the execution,” he wrote. “The way I communicated this news made a difficult situation worse.”
He added that he "failed to show the appropriate amount of respect and appreciation for the individuals who were affected." He also promised to say more about it during the company's next all-hands call.
Several now-ex employees recorded the layoff video and posted it online earlier this week, where it's been watched millions of times.
In the video, Garg informs his employees that he has "not-great news" for them, before telling them that he's laying off a significant chunk of the real estate company's staff.
"If you're on this call, you are part of the unlucky group being laid off," he says.
#fyp #laidoff #savage
Ex-employees and others have been ripping Garg online since the firing. His past actions have also come back to haunt him.
Forbes reports that he once called his staff "DUMB DOLPHINS" in an email and that he's known to have an "abrasive" management style.
TechCrunch reports that some of Garg's top marketing, communication and PR executives have resigned since the disastrous Zoom call.
The company is worth a reported $7 billion.
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