CEO lays off more than 900 workers following Zoom call in US
Fortune reported that Garg accused employees of “robbing” colleagues and clients by being unproductive and working only two hours a day.
An Indian-born CEO of a US-based homeownership firm, Vishal Garg, brutally laid off more than 900 employees, or around 9% of its workforce, during a Zoom webinar, citing the market efficiency, performance and productivity as the reasons for this decision.
Mr. Garg cited market efficiency, performance and productivity as the reason for the layoffs, according to the report.
âIf you are on this call, you are part of the unlucky group that is being laid off,â he said on the call.
âYour employment here is terminated with immediate effect,â Mr. Garg said.
The CEO informed more than 900 on-call workers that they were being laid off just before the vacation.
He then said employees can expect an email from the human resources department, detailing the benefits and severance packages.
âHaving to layoffs is heartbreaking, especially at this time of year,â CFO Kevin Ryan said in a statement.
âHowever, a stronghold balance sheet and a reduced, concentrated workforce have put us together to go on the offensive by entering a radically changing home ownership market,â he said.
During this time, Fortune reported that Mr. Garg accused employees of “robbing” colleagues and clients by being unproductive and working only two hours a day.
âThis is the second time in my career that I’ve done this and I don’t want to do this. The last time I did this I cried, âGarg said on the call.
Among those fired was the Diversity, Equity and Inclusion Recruitment Team.