Tech CEO who fired 900 workers on Zoom call asks board for his job back for $1 salary
Vishal Garg seeks reinstatement as Better Home & Finance CEO after his termination. He offers to work for one dollar annually until the company achieves profitability. Garg acknowledges past execution issues and the damage from the 2021 Zoom layoffs. He believes Daniel Lewis, his replacement, lacked innovation ideas for the company. Garg remains a board member and has investor support for his…
Better Home & Finance terminated its CEO, Vishal Garg, in an 79-second Zoom call in 2021. The move came after the company experienced financial losses due to a failed refinancing business and a shift towards artificial intelligence (AI). Garg, who gained notoriety for his managerial style, is now requesting the board to reinstate him as CEO, offering to work for a $1 annual salary until the company becomes profitable again.
Garg stated that while he has been in the industry for ten years, his execution has been flawed. He expressed hope that the situation would be resolved, believing the future of Better remains bright. Garg remains a board member and has voting power, with support from early investors. He has enlisted the help of lawyer Alex Spiro and is seeking a resolution from the board.
The 2021 Zoom layoffs negatively impacted Garg's reputation and led to his removal by the board, who replaced him with Daniel Lewis, a hedge fund manager. Garg accused Lewis of concealing his intentions while advising him and attempting to assume the CEO role. The company's stock has declined by 45% since Lewis took over as CEO.
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