An Indian-born managing director of an online mortgage company, who faced criticism after laying off around 900 employees for Zoom last month, is returning to his role.
Vishal Garg, the CEO of Better.com, had laid off nearly 900 employees during a Zoom call a few weeks before Christmas last year.
A search is underway for new leaders at the company, including a chairman, president and chief human resources officer, the company’s board said in a message to employees on Tuesday. Garg’s return and search for new leadership followed a “thorough and independent review of Better’s culture,” according to the memo.
Chief Financial Officer Kevin Ryan will serve as interim president, while Activant Capital partner Richard Benson-Armer will serve as interim chief human resources officer. The company will also form an Ethics and Compliance Committee led by Paula Tuffin, General Counsel and Chief Compliance Officer of Better.
In a separate email to employees on Tuesday evening, Garg apologized for the “anguish, distraction and embarrassment” his actions have caused. The CEO also pledged to be “more thoughtful” in the way he communicates with employees and to place “more trust” in others. company executives.
Garg took a break from the company last month after a video showing him firing around 15% of the company’s staff surfaced on social media platform TikTok. Garg apologized for the way he handled the shooting in a letter. Subsequent media coverage described Garg insulting his staff via email and in meetings.
“I will return to working full-time at Better this week after taking a break from my daily duties to reflect and refocus,” Garg wrote in his email on Tuesday. “I look forward to working with senior management and the board to ensure that we have implemented an inclusive and respectful culture that is always consistent with our values.”
Garg’s planned return was first reported by TechCrunch on Tuesday.
With contributions from agencies
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