CEO fires over 900 employees during a webinar in U.S.

An Indian-origin CEO of a U.S.-based homeownership company Vishal Garg has abruptly fired more than 900 employees, about 9% of its workforce, on a webinar, citing market efficiency, performance and productivity as the reasons behind the move.

Mr. Garg cited market efficiency, performance and productivity as the reason behind the firings, the report said.

“If you’re on this call, you are part of the unlucky group that is being laid off,” he said on the call.

“Your employment here is terminated effective immediately,” Mr. Garg said.

The CEO informed more than 900 employees on call that they were being terminated just before the holidays.

He then said employees could expect an email from the Human Resource department, detailing benefits and severance.

“Having to conduct layoffs is gut wrenching, especially this time of year,” CFO Kevin Ryan said in a statement.

“However a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market,” he said.

Meanwhile, Fortune reported that Mr. Garg accused the employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day.

“This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried,” Mr. Garg said on the call.

Among those fired were the diversity, equity and inclusion recruiting team.

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Printable version | Jan 24, 2022 10:53:26 PM |

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