Better.com CEO Vishal Garg is on vacation, effective immediately, and Vice quoted an email report from the digital mortgage company’s board of directors on Friday.
Earlier this week, after a video of him firing 900 people through a Zoom phone went viral on social media, Gag apologized for the way he handled the layoffs of the mortgage company.
Chief Financial Officer Kevin Ryan will manage the company’s daily decision-making and report to the board of directors, Vice quoted an email report as saying. Better.com’s board of directors also hired an independent third-party company to lead and report on the cultural assessment.
Better.com did not immediately respond to Reuters’ request for comment.
Garg came under fire after the SoftBank-backed company took action. Earlier this week, he stated that he had “implemented it by mistake” in communicating the layoffs. The CEO cited market, performance, and productivity as the reasons behind the decision to shut down employees in the United States and India.
Better.com was founded in 2016 and is headquartered in New York, providing mortgage and insurance products to homeowners through its online platform.
The company said in May that it would go public through a merger with blank cheque company Aurora Acquisition, which valued it at US$7.7 billion (approximately Rs 58,347 crore).
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