Vishal Garg, the CEO of online mortgage lending company Better.com, was forced to apologize for laying off 900 of his employees via Zoom after video of the call went viral on social media.
After firing almost 10% of his workforce, Garg came under strong criticism, which compelled him to apologize for handling the firings in an insensitive fashion.
"I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you," Garg said in a letter to employees.
"I realize that the way I communicated this news made a difficult situation worse," he added.
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The company also sent fired employees a package containing a mini trophy and a certificate of recognition, which some employees found disparaging and offensive, Reuters reported.
Garg explained that the layoffs in the United States and India were due to current market conditions and performance and productivity reasons.
The company provides mortgage and insurance products to homeowners through an online platform.
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Better.com, which was founded in 2016 and is based out of New York, said in May that it would go public through a merger with blank check company Aurora Acquisition Corp. in a deal worth 7.7 billion.