CEO lays off ~900 employees right before the holidays and ahead of the company’s public market debut. The call barely lasted three minutes.Ī video clip of the meeting was uploaded to Twitter by an employee who was part of the call.ĬEO Vishal Garg, of, executed the meeting and announced the termination of over 15 percent of his company's staff. The New-York based mortgage lender fired over 900 employees on a Zoom call right before the holiday season without any warning. Chapman said that the chief executive’s messaging about fired employees “stealing” from the company by working only two hours a day - which the former employee said was contradicted by his team’s recent promotions and raises - had made it challenging for them to apply for new jobs.Unexpectedly losing your job can be extremely distressing, and recently, 900 employees of a company faced the unpleasant experience when their company's CEO announced their termination via Zoom call. He also received a Christmas package containing a trophy, certificate and company T-shirt (which his wife offered to burn). On Thursday, the company increased his termination package from one to two months of pay. It took about three hours for him to receive a follow-up email, reviewed by The Times, that explained the terms of the termination, Mr. You’re staring at an empty screen in your house.” “I’ve been through layoffs and usually there’s closure because you talk to H.R., you go to your desk and grab your personal belongings and say goodbyes,” Mr. Chapman said his “gut dropped to the floor,” and he tried to message teammates to ask what was happening but his computer access was shut off almost immediately. Garg, he got a sense of foreboding because the chief executive looked so solemn.Īs Mr. But last Wednesday, when he received an unexpected invitation to the company call with Mr. did not respond to a request for comment on Friday.Ĭhristian Chapman, 41, a former underwriting trainer at, said he was used to preparing for company meetings by making sure his children weren’t around, because Mr.
Several top employees resigned following the firings, two in communications and one in marketing. Your employment here is terminated effective immediately.”ī, which is backed by SoftBank, has brought on a third-party firm to assess its leadership and culture, according to a copy of the board’s memo obtained by The New York Times.
“If you’re on this call you are part of the unlucky group that is being laid off. Garg had said to about 9 percent of his staff, in a recording since shared widely online. Garg was “taking time off” after the “very regrettable events.”
The mortgage lender’s board announced in a memo sent to staff on Friday that Mr. ’s mercurial chief executive, Vishal Garg, faced swift backlash for his decision to fire more than 900 employees on a Zoom call last week.
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