Better CEO is ‘taking time off’ after firing 900 staff on Zoom
Better CEO Vishal Garg, best-known for firing 900 employees over one giant Zoom call, is taking time off work while the company hires a third-party to perform a “leadership and cultural assessment.”
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Better’s CFO Kevin Ryan has been ushered in to take over temporarily, whilst the board members try and figure out how to make the company, erm, better. “The Board has engaged an independent 3rd party firm to do a leadership and cultural assessment. The recommendations of this assessment will be taken into account to build a long-term sustainable and positive culture at Better,” the email continued.
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(But why, exactly? Being mean to minions? Surely not… Ah, there it is:)
Plans to merge with Aurora Acquisition Corp via a $7.7bn special purpose acquisition company (SPAC) deal were also put on hold, according to Axios, whilst the company tries to clean up the mess leftover from the PR disaster.
SPAC sales are in increasingly common way of going public without all that embarrassing disclosure business. Fellow Softbank-backed biz WeWork imploded after filing its amazingly self-indulgent SEC form S-1 prior to a normal IPO. Having a CFO in charge of a delicate deal for Better might seem very attractive to investors.
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