More than 900 employees of loan lender Better.com will be laid off on Wednesday, with CEO Vishal Garg making the announcement on a Zoom webinar.
“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said on the call as reported by CNN. “Your employment here is terminated effective immediately.”
The CEO then said that the sacked employed (who make up 9% of the company’s workforce) should expect an email from HR detailing their benefits and terms of severance.
Chief Financial Officer Kevin Ryan later said that it pains the company to lay off employees especially this time of the year, but they have no choice.
“Having to conduct layoffs is gut wrenching, especially this time of year,” Kelvin told CNN Business. “However a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.”
Although the CEO cited efficiency, performance and productivity as the reason for laying off, reports claim that they were fired for “stealing” from their colleagues and customers by being unproductive and only working two hours a day.
“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,” Garg said on the call.
Garg is not new to controversy. In a mail he sent to staff that was obtained by Forbes, the CEO had wrote; “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS… SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”
Also, The Daily Beast reported in August that one of Garg’s most “loyal lieutenants” received massive perks, such as millions of dollars worth of stock options that could be vested immediately, not comparable to other employees. That person was later placed on administrative leave for bullying.