VIDEO: Better.com CEO fires 900 employees over a Zoom call
Vishal Garg speaks to his employees on a Zoom call.
British media reported that a CEO of a US-based digital mortgage lending company fired 900 people on a Zoom call ahead of the holiday season.
The media reported that 15% of the company's employees in the United States and India were suddenly made redundant as part of the cost-cutting exercise.
Vishal Garg, the boss of Better.com, can be heard on the video call saying you all are fired.
A recording of the call was shared widely on YouTube.
“If you're on that call, you're part of the unfortunate group that gets fired. Your employment here is terminated, effective immediately," Garg told his employees.
“This isn’t news you are going to want to hear. But in the end it was my decision and I wanted you to know it for yourself. It was a very, very difficult decision to make.
This is the second time in my career, the last time I did this I cried. This time, I hope to be stronger,” Garg said.
"We are laying off about 15% of the company," he added.
He mentioned productivity, efficiency and performance as a reason for the massive layoff.
The chief executive said all laid-off employees based in the United States will get four weeks of severance, one month of full benefits and two months of coverage for which the company would pay the premium.
Members of the company's diversity, equity and inclusion recruiting team were among those fired, CNN Business reported.
Better.com, founded in 2016, recently received $ 750 million (£ 566 million) in investments.The company is preparing to have around $ 1 billion (£ 754 million) on its balance sheet, CNN reported.
Garg was reportedly involved in a dispute before the incident last week.
In a letter obtained by Forbes magazine in 2020, he wrote to staff, “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME (sic).”
