Founder, Who Fired 900 Employees Over Zoom, To Resume As CEO

Digital mortgage lender CEO Vishal Garg, who became infamous for firing 900 employees over Zoom just before Christmas, is returning to the company.

According to an internal memo obtained by CNBC, Garg will continue as CEO of the company. “As you know, Better’s CEO Vishal Garg has been taking a break from his full-time duties to reflect on his leadership, reconnect with the values that make Better great and work closely with an executive coach,” reads the memo, which was attributed to the company’s board.

“Vishal will be resuming his full-time duties as CEO. We are confident in Vishal and in the changes he is committed to making to provide the type of leadership, focus and vision that Better needs at this pivotal time.”

In December, Garg took “time off” from his job after his decision to fire 900 employees over a Zoom meeting caused a huge uproar.

Garg had fired about 900 employees over just a minute-long Zoom call on December 1. The CEO tried to sound empathetic during the call but was widely criticized for the move, which many believe to be uncalled for.

“If you’re on this call you’re part of the unlucky group being laid off,” said Garg in the Zoom call, which later was shared on social media. Garg had blamed the mass-sacking largely on the “changing market,” hinting at a tough business season.

He said, “The market has changed, as you know, and we have to move with it in order to survive so that hopefully we can continue to thrive and deliver on our mission.”

However, Garg failed to inform the employees about the $750 million fund-raising from investment firm Softbank, which acquired the New York firm through a SPAC company named Aurora Acquisition for $1.5 billion.

Meanwhile, the memo also reveals that board members Raj Date and Dinesh Chopra have resigned, though “not because of any disagreement with Better,” it reads.

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