CEO apologises after firing 900 employees over Zoom call

Vishal Garg, the CEO of Better.com, who was widely criticised for arbitrarily laying off 900 employees over a Zoom call, has apologised after the massive negative reaction to his decision.

"I failed to show the appropriate amount of respect and appreciation for the individuals who were affected, and for their contributions to Better," he said in his note to employees.

"I own the decision to do the layoffs, but in communicating it, I blundered the execution. In doing so, I embarrassed you."

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Garg fired nearly nine per cent of his employees on a Zoom call.

"If you're on this call, you are part of the unlucky group that is being laid off," said the CEO of the mortgage unicorn. Describing them as "a bunch of slackers who only worked two hours a day and were stealing from the company," Garg remarked that this was the second time in his career he was doing this.

"The last time I did it, I cried," he added.

His comments were also roundly condemned by many Indian business leaders.

"My heart went out to the 900 employees sacked through Zoom by Vishal Garg," Harsh Goenka, chairman, RPG Group said on Twitter. "Totally wrong! Do it on a one on one basis. And in person. And not before Christmas and after a $750 mn recent infusion. This is how Corporates get a heartless tag!"

Radhika Gupta, CEO, Edelweiss Mutual Fund said that there was no growth worth this human cost. "A company that just received $750 million in funding and will IPO has to fire 900 people in the holiday season this way? No growth is worth this human cost."

• Dubai