Better.com Chief Executive Officer Vishal Garg is taking time off with immediate effect, Vice reported on Friday, citing an email from the digital mortgage company’s board.
Garg apologized earlier this week for his handling of layoffs at the mortgage company after a video of him firing 900 people over a Zoom call went viral on social media.
Chief Financial Officer Kevin Ryan will manage the company’s day-to-day decisions and will report to the board of directors, Vice reported, citing the email.
Better.com’s board also engaged an independent third-party company to conduct a leadership and cultural assessment, according to the report.
Better.com did not immediately respond to a request from Reuters for comment.
Garg, who has come under fire for his actions at the SoftBank-backed company, said earlier this week that he had “blown execution” in communicating the layoffs.
The CEO cited market, performance and productivity as the reasons for the decision to lay off workers in the United States and India.
Founded in 2016 and headquartered in New York, Better.com offers 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 check company Aurora Acquisition, in a deal that valued it at $7.7 billion (approximately Rs. 58,347 crores).
© Thomson Reuters 2021