BackBetter.com CEO Vishal Garg posts letter of apology after firing. Read full text
Better.com CEO Vishal Garg laid off about 9% of its workforce through the video call this week citing market, performance and productivity as reasons behind the decision
PremiumBetter.com Chief Executive Officer (CEO) Vishal Garg, who has received a barrage of criticism for laying off 900 staff of this company on a Zoom call, has now written an apology letter for his action. He wrote a letter to his current staff in which he said, "I realize that the way I communicated this news made a difficult situation worse". The CEO said he blundered in the execution of communicating the decision. "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 wrote.
The Better.com CEO laid off about 9% of its workforce through the video call this week citing market, performance and productivity as reasons behind the decision. The CEO of a mortgage unicorn worth an estimated $6.9 billion also blamed the terminated staffers for the sacking, saying that the laying off was due to their 'underperformance'.
Here's a full text what Vishal Garg, Better.com CEO wrote to his employees
Team –
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.
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.
At Better, your dedication, focus and expertise are essential in the vital work we are doing to unlock the value, joy and opportunity of homeownership for our customers across the country. I couldn’t be more grateful for all you are accomplishing for the customers we serve.
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. We are also taking fast steps to make sure we are very
transparent and aligned as a company on the goals for 2022, the metrics that matter most, and
how we can all work together even better to serve our customers and achieve our mission.
I believe in you, I believe in Better, and I believe that working together we can make
homeownership better together.
Thank you,
Vishal
Better.com said in May it would go public through a merger with blank-check firm Aurora Acquisition Corp, in a deal that valued it at $7.7 billion. Earlier this month, the terms were amended to provide Better.com with half of the $1.5 billion committed by SoftBank immediately, instead of waiting till deal close. Founded in 2016 and headquartered in New York, Better.com offers mortgage and insurance products to homeowners through its online platform.
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