Vishal Garg, founder and CEO of New York-based Better.com, apologized Wednesday in a letter to the remaining employees for how he laid off 900 workers in a three-minute Zoom call on Dec. 1.

Garg acknowledged that he did not show proper respect to those who were fired and their contributions to the online mortgage provider. Garg added in his apology that he embarrassed those who are current employees.

“I realize that the way I communicated this news made a difficult situation worse. 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. I couldn’t be more grateful for all you are accomplishing for the customers we serve,” the letter reads.

The manner of the layoffs generated national media attention. In the Zoom call, Garg fired 900 employees on the spot by simply stating, “you are part of the unlucky group that is being laid off. Your employment here is terminated, effective immediately.”

The layoff affected 9% of the mortgage company’s workforce. According to CFO Kevin Ryan, the move was “gut-wrenching.”

Better.com reportedly received a $750 million cash injection from its backers that put its balance sheet at $1 billion just days before the layoffs.

Previously, Garg was a founding partner at Phoenix Holdings and before that One Zero Capital. Earlier in his career, he was also the co-founder and president of MRU Holdings or "MyRichUncle."

RELATED STORIES