Three top executives at a mortgage company have resigned after the CEO fired 900 employees over a Zoom call just before Christmas.
Three top Better.com executives have reportedly resigned from the company after the online mortgage lender was hit by a wave of backlash over a leaked Zoom call in which the CEO called some 900 employees.
The company’s marketing head Melanie Hahn, public relations chief Tanya Herre Gilogly and Patrick Lenihan, vice president of communications, have resigned, insider reported on Tuesday.
The high-level departure is directly related to CEO Vishal Garg’s handling of the recent layoffs at the company and his allegedly divisive management style. New York Post Report.
“Anyone who’s leaving now, these are the people who’ve tried to make it work, and have given their all to a company they believe in, but who are eventually undermined by a CEO who doesn’t want to be any other person.” does not take advice and believes that he is always right,” a source familiar with Garg told insider,
Better.com and three former executives didn’t immediately return Post Comment request.
development comes after Garg lays off around 900 employees on Zoom call – then slammed hundreds of former employees for allegedly “stealing from our customers” for not being productive.
Garg hit the now-viral call in an unapproachable tone announcing mass shootings to the affected workers, a recording of which was later posted on TikTok, YouTube and other social media accounts.
“This is not news you want to hear… If you are on this call, you are part of the unfortunate group that is being laid off. Your employment here has been terminated effective immediately,” He said he “doesn’t want to do that.”
“This is the second time in my career that I am doing this and I don’t want to do that. The last time I did this, I cried,” Garg said on the call.
The 43-year-old said that “the market has changed” and the company had to slim down to stay nimble enough to adapt to the developed housing market, which appears to have cooled off after a pandemic-boosted boom – though Garg did make the call. But not to mention the company’s $750 million cash infusion it received from investors last week.
insider The report said Garg addressed the rest of the company’s employees soon after the layoffs were announced, saying, “We should have done this three months ago.”
The CEO was later ousted as the anonymous author of a scathing blog post that slammed Better.com employees on the professional network Blind.
“You guys did know that at least 250 of those terminated were working an average of 2 hours a day in the payroll system, while working 8 hours+ a day?” The father of three wrote.
“They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated,” he said.
Garg confirmed Luck that he was the author of the investigative post. Garg has reportedly built a reputation for having high expectations and punishing employees on minor violations.
Office managers were once criticized for allegedly failing to keep a mini fridge stocked with water from Fiji and Perrier. Forbes,
“Why do we have biscuits like this here?” He once demanded from the office managers.
In another email received by Forbes Last year, Garg wrote: “You are too slow. You are a bunch of dumb dolphins and… Dumb dolphins get caught in the net and are eaten by sharks. so stop it. stop it. Stop it right now. you are embarrassing me.”
With all, daily animal It was reported earlier this year that one of his representatives, Elana Knoller, was granted giant stock options worth $8000 ($A11,235) per month for two houses and other perks.
Despite favorable treatment, Knowler was eventually placed on administrative leave for bullying.
Better.com became a pandemic darling as city residents sought to flee to greener and larger spaces in the suburbs, prompting a boom in the housing market and associated lenders. The company announced in May that it plans to go public through a SPAC, or special purpose acquisition company, at a $7.7 billion ($A10.8b) valuation.
This article originally appeared on NY Post and is republished with permission