Vishal Garg, CEO of Better.com got into the news for the wrong reasons last week. The Indian-origin executive at the helm of Better.com, a home loan provider company in the United States. During a Zoom call, Garg announced that the company is firing 900 employees, amounting to 15% of the total workforce. Also Read - Better.com executive who fired 900 employees on Zoom call to come back as CEO
A new report has surfaced which claims that Garg has decided to take a time off with immediate effect. According to a report by Vice, Chief Financial Officer Kevin Ryan will be taking over for the interim and take the day-to-day decisions of the company. Ryan will be reporting to the board. Also Read - Signal CEO Marlinspike steps down, WhatsApp co-founder appointed as interim chief
Better.com’s board has also engaged an independent third party firm to do a leadership and cultural assessment, according to the report. Also Read - Zoom gets new features: Focus Mode for scheduled meetings, Missed meeting calls alert and more
This step came a few days after the Indian-origin CEO issued an apology letter for the way he handled the layoffs.
In his letter Garg said, “I want to apologize for the way I handled the layoffs last week.
I failed to show the appropriate amount of respect and appreciation for the individuals who were
affected and for their contributions to Better. I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you. 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.”
The Softbank-backed company announced in May that it’s going public and received $750 million as part of the deal last week.