The Indian-origin CEO of a US-based homeowners company abruptly laid off over 900 employees, nearly 9 percent of its workforce, on a Zoom webinar, citing market efficiency, performance and productivity as the reasons behind the move Is.
The report said that Garg attributed the firing to market efficiency, performance and productivity.
“If you are on this call, you are part of the unfortunate group that is being laid off,” he said on the call.“Your employment here is terminated with immediate effect,” Garg said.
The report said the CEO informed over 900 employees over the call that they were being terminated just before the holidays.
He then added that employees can expect an email from the human resources department detailing the benefits and severance.
“It’s very difficult to lay off, especially at this time of year,” CFO Kevin Ryan said in a statement to CNN Business.
“Although a fortified balance sheet and a less and focused workforce set us up to take the crime to move into a fundamentally evolving homeowner market.”
During this, Fortune told That Garg accused employees of being unproductive and “stealing” from their colleagues and customers by working only two hours a day.
Garg said on the call, “This is the second time in my career that I am doing this and I don’t want to do it. The last time I did this, I cried.”
Among those fired were diversity, equality and inclusive recruitment teams.