‘I Blundered The Execution’: Better.com CEO Apologizes For Mass Firing On Zoom

Vishal Garg, the CEO of Better.com who fired hundreds of his staff in a Zoom meeting last week, has apologized for the way the situation was handled.

“I want to apologize for the way I handled the layoffs last week,” Garg wrote in a letter posted on the company’s website. “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,” he continued. “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,” Garg added. “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,” Garg concluded.

Garg’s company, Better.com, is a New York-based mortgage start-up.

“Hi everyone, thank you for joining. I come to you with not great news. 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,” Garg announced to staff in the call last week. “This isn’t news that you’re going to want to hear but ultimately it was my decision and I wanted you to hear it from me. It’s been a really, really challenging decision to make. This is the second time in my career that I’m doing this and I do not want to do this. The last time I did it I cried. This time I hope to be stronger. But we are laying off about 15% of the company for [a number of] reasons: the market, efficiency and performances and productivity.”

“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.

TechCrunch reported that “Earlier today, sources familiar with internal happenings within the company told TechCrunch the company’s VP of communications, Patrick Lenihan; head of public relations, Tanya Gillogley; and head of marketing, Melanie Hahn, have all submitted their resignations.”

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