Better.com CEO Vishal Garg became famous the world over after he fired around 900 employees together on a Zoom call. The incident was followed by unparalleled criticism from all over the globe. In an attempt to regain faith, the company’s board had announced that Garg was going to take a break to “reflect on his leadership”. Also Read - Elon Musk duels with Twitter CEO over expanse of spam and bots on micro-blogging platform
A new memo has now been spotted by CNBC, showing that the board of Better.com has decided to retain Garg as the CEO. The memo explains why they think Garg will continue to be the CEO. Also Read - Exclusive | Better.com terminated thousands of employees in India and US: Read what the company said
The leaked memo from the board of the company reads, “As you know, Better’s CEO Vishal Garg has been taking a break from his full-time duties to reflect on his leadership, reconnect with the values that make Better great and work closely with an executive coach.” Also Read - BharatPe CEO Ashneer Grover finally speaks up about rumours of getting fired
The memo further stated, “Vishal will be resuming his full-time duties as CEO. We are confident in Vishal and in the changes he is committed to making to provide the type of leadership, focus and vision that Better needs at this pivotal time.”
The company is yet to confirm officially that Garg will be coming back as the CEO of Better.com.
What happened on the Zoom call
Better.com is a US-based real estate company that is backed by big companies such as Softbank and Aurora. The company had decided to layoff 15 percent of its employees last year. During the infamous Zoom call, Garg blamed employees for stealing from the company on the sheer basis of wasting company time. In the call, he said, “the market has changed, as you know, and we have to move with it, in order to survive.”
Later that week, after facing criticism for his method, Vishal Garg released an apology letter. He apologized for his way of dealing with the situation.
In his apology letter, he wrote “I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you.”
Further, he said, “I realize that the way I communicated this news made a difficult situation worse. I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be.”