The chief government of Higher.com apologised for his method of dealing with layoffs on the mortgage firm after a video of him firing 900 folks final week through a Zoom name went viral on social media.
Vishal Garg, who has come beneath intense criticism after the SoftBank-backed firm laid off about 9 p.c of its workforce by way of the video name, mentioned he had “blundered the execution” of speaking the layoffs.
“I understand that the way in which I communicated this information made a troublesome state of affairs worse,” Garg mentioned in a letter dated Tuesday.
The CEO had cited the market, efficiency, and productiveness as causes behind the choice to put off workers in the US and India.
Higher.com mentioned in Could it might go public by way of a merger with blank-check agency Aurora Acquisition, in a deal that valued it at $7.7 billion (roughly Rs. 58,130 crore).
Earlier this month, the phrases had been amended to supply Higher.com with half of the $1.5 billion (roughly Rs. 11,320 crore) dedicated by SoftBank instantly, as an alternative of ready until deal shut.
Based in 2016 and headquartered in New York, Higher.com provides mortgage and insurance coverage merchandise to owners by way of its on-line platform.
© Thomson Reuters 2021