The CEO of Better.com, an online mortgage lender, has apologized for the way he fired approximately 900 employees last week.
Vishal Garg told the group over Zoom that they were being "laid off."
Garg, who faced immediate backlash, wrote a letter to current employees that says he "failed to show the appropriate amount of respect and appreciation" to the individuals who were let go.
During the Zoom call, Garg told the employees that his decision to reduce the company's workforce was made due to changes in the housing market.
Garg says he still stands by his decision but "blundered the execution of the layoffs."
"I realize that the way I communicated this news made a difficult situation worse," he said. "I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be."
The employees who lost their jobs are being given four weeks of severance pay and a month of full benefits— in addition to options for more extended coverage.
