Better.com is losing more executives as another redundancy round looms nearly 3 months after its mass layoff

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Better.com is losing more executives as another redundancy round looms nearly 3 months after its mass layoff
Better.com CEO Vishal Garg.Better
  • Senior executives resigned from Better.com nearly three months after a mass layoff via Zoom.
  • Employees are bracing for another mass layoff that could affect 50% of staff, per TechCrunch.
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Four senior executives have reportedly resigned from Better.com nearly three months after a mass layoff via Zoom went viral.

The news was reported by TechCrunch, which cited multiple sources familiar with the company's inner workings.

The four top executives who reportedly resigned include Clayton Carol, the company's VP of finance; Paul Tyger, general manager of purchase; Stephen Rosen, head of sales; and Christian Wallace, head of real estate – Tech Crunch reported.

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In early December, the online mortgage lender laid off 900 employees in a three-minute Zoom call. In a meeting afterwards, employees were told that those let go were low performers, according to a former worker.

The move sparked criticism over the way the company and its CEO Vishal Garg handled the layoffs. Garg apologized in a letter addressed to all employees: "I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you."

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Days after the mass layoff, Garg announced that he was "taking time off effective immediately," according to an internal memo seen by Insider.

The four executives and Better.com did not immediately respond to Insider's request for comment made outside of normal working hours.

Sources told TechCrunch that there are further redundancies planned in March, which could affect 40% to 50% of its employees.

According to Bloomberg, Better.com has been more aggressive in layoffs of US employees than Indian staff, which could be due to the low cost of labor.

Better.com did not immediately respond to Insider's request for comment, made outside of US working hours.

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Insider's Sindhu Sundar reported how Better's investors claimed Garg misused at least $1.6 million of their funds to finance his own ventures.

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