A week after firing over 900 employees, during a Zoom call, Vishal Garg, the CEO of Better.com, is taking leave "effective immediately," according to an internal memo sent to employees on Friday.
According to an international business tech magazine, Paula Tuffin, the fintech company's general counsel, described the events of the past week as "very regrettable" and said the board has commissioned a third party to conduct an assessment of leadership and culture at the company. Tuffin also wrote that Garg will be replaced by the company's CFO, Kevin Ryan, as interim CEO.
The email rolled out by the Board of Directors of Better, a copy of which was first reported by Vice media, stated that the company has also engaged a third-party firm to do leadership and cultural assessment.
"The recommendations of this assessment will be taken into account to build a long-term sustainable and positive culture at Better," the email read stating further, "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."
There are way, way more Vishal Garg's in the startup world.
— Mark Birch, Community Builder (@marksbirch) December 10, 2021
You don't hear about the other stories. I have seen some of these personally.
Be careful of who you decide to work for. If they lead through fear, intimidation, pressure...leave, because it never gets better.
According to Vice, after laying off its employees, Garg addressed his company in a town hall meeting, rather aggressively. "You will not be allowed to fail twice. You will be encouraged to fail once. But not allowed to fail twice. Not meeting deadlines will not be acceptable," he allegedly said.
Reports suggest that three top employees of the US-based lending company, preparing to go public soon, resigned from the company after the layoffs. Admitting his error, Garg apologized to his staff, saying he "failed to show the appropriate amount of respect and appreciation for individuals who are affected and for their contributions to Better."
