The video call appeared to have been filmed and uploaded onto social media platforms which caused uproar and attracted stinging criticism from everywhere. "If you're on this call you are part of the unlucky group that is being laid off. But we are laying off about 15% of the company for reasons: the market, efficiency and performances and productivity.” This is the second time in my career that I'm doing this and I do not want to do this. It's been a really, really challenging decision to make.
"This isn't news that you're going to want to hear but ultimately it was my decision and I wanted you to hear it from me. The market has changed, as you know, and we have to move with it in order to survive so that hopefully we can continue to thrive and deliver on our mission.” His actions have unsurprisingly received criticism and rightly so. Garg gathered together 900 staff for a Zoom call and fired them all. As the CEO of, an online mortgage company based in New York, he recently made headlines around the world for his ruthless approach to staff redundancies.
In doing so, I embarrassed you.Until a week ago few people would have heard the name Vishal Garg unless they were unfortunate enough to work for him. I own the decision to do the layoffs, but in communicating it I blundered the execution. In a letter to employees that was leaked on Blind, an anonymous community app for the workplace, Garg said: "I failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better. Recently, the Indian-origin CEO had issued an apology to his employees for the embarrassing act that made headlines globally and hundreds of memes on social media platforms. The company did not immediately respond to a request for comment. "As well, the Board has engaged an independent third party firm to do a leadership and cultural assessment," it added. During this interim period, Kevin Ryan as CFO will be managing the day-to-day decisions of the company and he will be reporting to the Board," the company said in an email. "Vishal will be taking time off effective immediately. Indian-origin CEO of Vishal Garg, who recently was massively trolled for laying off 900 employees over a Zoom meeting call, is "taking time off effective immediately", according to media reports.Īccording to Motherboard, the digital mortgage company's board of directors said in an email that the company has also hired an outside firm to "do a leadership and cultural assessment".
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