Better CEO ‘Is Taking Time Off’ After Firing Uproar, Vice Says
(Bloomberg) -- Vishal Garg, chief executive officer of online mortgage lender Better, “is taking time off effective immediately,” the company’s board said in an email, following mass firings conducted via conference call that sparked outrage among employees.
Chief Financial Officer Kevin Ryan will handle Better’s day-to-day operations and report to the board in the interim, according to the email from the board, published Friday by news outlet Vice. The board has also commissioned an independent third-party firm it didn’t name to conduct a review of leadership and culture at the company, according to the email.
“We have much work to do and we hope that everyone can refocus on our customers and support each other to continue to build a great company and a company we can be proud of,” the board said in the email.
Representatives for Better didn’t immediately respond to requests for comment.
The report comes after a video shared to social-media platform TikTok showed Garg telling Better staff on a video conference call that they were among about 15% of the company’s staff being dismissed.
“It’s been a really, really challenging decision to make,” Garg said in the TikTok video. “This is the second time in my career I’m doing this, and I do not, do not want to do this. The last time I did it, I cried.”
Ensuing media coverage described Garg insulting his workforce via email and in meetings.
Garg later apologized for how he handled the firings in a letter, saying he “failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better.”
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