CEO who went viral for firing 900 employees on Zoom before Christmas is now mad that he got fired

CEO who went viral for firing 900 employees on Zoom before Christmas is now mad that he got fired Vishal Garg, the CEO and founder of Better.com, was let go and replaced by a hedge fund manager who joined the company’s board only a week earlier, according to a report - Bookmark - CommentsGo to comments The CEO of Better Homes & Finance — who notoriously laid off 900 employees on a company Zoom call before Christmas in 2021 — says he feels tricked, as he was just fired and replaced. Vishal Garg, who made headlines in 2021 for the cruel firings of hundreds of employees at the digital mortgage company, was let go from Better, which he founded and led as CEO, on August 3, CNN reported. Hedge fund manager Daniel Lewis was then immediately named as the company’s interim CEO — even though he had only been brought onto the board a week earlier. Within that week, Garg says that Lewis convinced the board to oust him. Garg says Lewis then convinced the board to name him as the new CEO. “He hoodwinked me,” Garg told CNN. “He said he liked the company’s strategy. He praised us on X and used that to get on our board and win our confidences.” The digital mortgage company had seen numerous setbacks over the years under Garg’s leadership — excluding the catastrophic layoffs, which gained nationwide attention and resulted in the website being flooded with negative reviews. While Better held an $8 million valuation during the COVID-19 pandemic amidst a refinancing boom and low interest rates, it is now valued at only $300 million, according to the report. Despite the troubles, Garg said he was on the precipice of turning fortunes around for the company. While sales dropped from $1.5 billion in 2021 to $70 million in 2023, this year Better is on pace to deliver $200 million in sales, Garg told the outlet. That is in part because of its AI models, which it uses to help quickly process mortgages — something that would’ve taken dozens of employees several days to do just years ago. “We’re winning. We’ve tripled loan volume. We’re close to profitability,” Garg said. “We were at the 5-yard line after taking the ball all the way down the field from the other side.” Despite his best efforts, Garg said he feels that Lewis convinced the company’s board to get rid of him. “It’s not about me. I care about delivering savings to people and helping them live the American Dream. So when shareholders said, ‘You need to take a back seat,’ I complied,” Garg said. Garg added: “I suspect he always wanted to become CEO. The board made a mistake.” Investors may agree with Garg’s read on the situation. The company’s stock had fallen 45 percent since Lewis was named as the new CEO. In the days since, Garg retained a lawyer to try to help him win back his job. He sent a letter to the board on Monday demanding he be reinstated as CEO. Garg says he will work for $1 a year until Better returns to profitability. Once that goal is reached, he says he will leave the role as CEO. “It’s an acknowledgement that I’ve been doing this for 10 years, but execution hasn’t been perfect,” he said. “I hope it gets resolved. I think the future still remains very bright for Better.” Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments