CEO who fired 900 on Zoom returning to work after break
CEO Vishal Garg took about a month off following an apology for his Zoom layoffs
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The CEO of Better Mortgage has returned to work in his first appearance since famously cutting 900 staff members from his company over a Zoom call.
Vishal Garg took "time off" after issuing an apology for the mass lay-off, which saw him cut approximately 9% of his workforce. Better.com is an online mortgage lender with offices in three states.
In a memo to Better.com employees viewed by FOX Business, Garg said he is returning to work after taking time to "reflect and refocus."
Vishal Garg, CEO of Better.com (https://player.vimeo.com/video/215031211)
"I understand how hard these past few weeks have been," Garg wrote to his employees. "I am deeply sorry for the angst, distraction and embarrassment my actions have caused. I’ve spent a lot of time thinking about where we are as a company and the type of leadership Better needs…and the leader I want to be."
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Garg stressed that he is returning with the "strongest conviction … and commitment" to improve the company culture.
A waterfront home is shown for sale, Thursday, Oct. 7, 2021, in Surfside, Fla. Average long-term mortgage rates declined this week, with the benchmark 30-year loan slipping back below 3%. (AP Photo/Wilfredo Lee / AP Newsroom)
He outlined "a few of the immediate steps" to improve the company, including a commitment to be "more conscious" of his impact on his employees, put "more trust" in other executives at the company and take a "more intentional" approach to building a culture that is founded on "fairness and respect."
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The Zoom call went viral after Garg gathered employees to tell them the "market has changed" and that the company, which ranked as LinkedIn’s 2021 top startup, needed to "move with it to survive."
"If you’re on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately," he said. "This is the second time in my career I’m doing this, and I do not want to do this. The last time I did it, I cried."
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Several top executives resigned over the way Garg handled the layoffs and the resulting blowback. Head of Marketing Melanie Hahn, Head of Public Relations Tanya Hayre Gillogley, and VP of Communications Patrick Lenihan joined the list of disgruntled executives.
Garg issued an apology for how he handled the situation, saying he "failed to show the appropriate amount of respect and appreciation for the individuals who were affected."
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The company conducted a "thorough, independent" review of its culture since the incident, leading to some of the changes Garg mentioned in his letter.