#Roommates, earlier this week social media was on fire after a viral video leaked showing the CEO of mortgage company Better.com laying off 900 employees via Zoom call. The backlash has continued fiercely ever since, despite CEO Vishal Garg apologizing—he is now reportedly taking an immediate leave of absence from his daily duties at the company.
@WSJ reports, it was just announced that effective immediately, Vishal Garg, CEO of Better.com will be taking time away from the company. As a result, finance chief officer Kevin Ryan will take over managing daily company decisions, according to an email that was received by the company’s remaining employees and signed by the Better.com board of directors and its chief compliance officer, Paula Tuffin.
This decision comes just days after Garg issued a lengthy apology after many on social media slammed him for being cold and cruel to his employees by firing them in such an impersonal matter during the holiday season. “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,” his apology read.
He continued, adding:
“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.”
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The 900 laid-off employees represent 15% of Better.com’s workforce.
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