Better.com loses more Senior Execs as Employees Brace for Another Mass Layoff

Better.com loses more Senior Execs as Employees Brace for Another Mass Layoff

According to various individuals acquainted with the firm’s internal occurrences, additional leaders have resigned from Better.com roughly three months after the online mortgage lender fired off 900 workers through Zoom and as the company prepares for more layoffs. Current and former workers are among the sources. Clayton Carol, the company’s VP of finance; Christian Wallace, the company’s head of real estate; Paul Tyger, the company’s general manager of buy; and Stephen Rosen, the company’s head of sales, have all just resigned.

Better.com, as well as the four people, were contacted for comment by TechCrunch, but no response was received before the story was published. Carol announced his retirement in a LinkedIn post dated February 16, noting that he was departing after nearly three years as VP of finance. He expressed himself as follows:

I’ve made the decision to depart and look for new chances. My tenure at Better was tremendously fulfilling, and I am grateful for my coworkers’ trust and camaraderie over the years, particularly those in the finance and accounting team. I’ve learnt a lot from all of you, and I’m blown away by what we’ve accomplished. An internal email released by a verified user on Blind earlier this month disclosed news of Wallace’s resignation.

Wallace joined better in March 2020 as a sales director before moving up to head of sales and then head of real estate services in March 2021, according to LinkedIn. Rosen started as a growth associate in December 2016 and rose through the ranks to become the company’s chief of staff and director of sales strategy and operations. Tyger joined the company in 2019 as director of business operations, while Rosen started as a growth associate in December 2016 and rose through the ranks to become the company’s chief of staff and director of sales strategy and operations.

Meanwhile, other people who did not want to be identified for fear of punishment told TechCrunch that better is planning a huge layoff that might affect up to 50% of its workforce. The layoffs are scheduled to begin in March. Better.com had roughly 9,100 employees at the time of the layoffs in early December. Since then, it has been reported that remaining staff have been leaving in droves, with senior executives departing one by one.

Given the amount of negative exposure Better.com has received in recent months, the most recent departures are not altogether shocking. It’s been a turbulent 11 weeks since CEO Vishal Garg announced the layoffs of 9 percent of the company’s employees via a Zoom call that attendees described as cruel. In addition to the loss of a slew of top team members, two board members resigned. The $6.9 billion SPAC for the corporation has been postponed indefinitely.

There have also been disturbing revelations about Garg’s long history of verbal abuse. The upheaval may be affecting the company’s bottom line. According to a recent SEC filing, the company’s fourth-quarter net loss might approach $182 million, with revenue falling by as much as 22% from the previous quarter. Meanwhile, Bloomberg reported earlier this week that Better.com had increased its employment in India, ostensibly due to lower labor costs.

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