The embattled chief executive of Better.com, a New York-based online mortgage lender, has issued a groveling apology after he fired nine hundred of the company’s workers during a now-viral three-minute Zoom call — admitting he “blundered the execution.”
In a leaked email to employees, Vishal Garg, the New York-based company’s CEO, wrote:
“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,” Garg said.
He continued: “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. We will talk more at our upcoming All Hands meeting about what to expect for the year ahead. I hope you’ll join me for the discussion. I believe in you, I believe in Better, and I believe that working together we can make homeownership better together.”
In a Zoom call last Wednesday, Garg sacked some 900 employees after accusing them of allegedly stealing from the company’s customers by not being productive.
In a email obtained by Forbes last year, Garg wrote: ‘You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”
In the wake of the mass firing, Insider first reported that at least three top executives have resigned from the company. According to Insider, the high-level departures were clearly related to Garg’s handling of the layoffs and his reportedly divisive management style.
In May this year, Better.com had revealed its plans of going public through a SPAC, or special-purpose acquisition company, at a $7.7 billion valuation. However, the company is now pushing back its plans to go public through a merger with a special purpose acquisition company by the end of the year, according to Bloomberg.
