Things are getting worse at Better.
More executives have resigned from Better.com nearly three months after the online mortgage lender laid off 900 employees via Zoom and as the company prepares for more layoffs, according to several sources familiar with the company’s internal goings-on. These sources include current and former employees.
The latest developments at the company involve the dismissal of four more senior executives, including Clayton Coralcompany vice president of finance; Christian Wallacehead of real estate; Paul Tyger, general manager of purchases; and Stephen Rosenhead of sales.
Ploonge reached out to Better.com for comment, as well as the four individuals, but had no response prior to the publication of this story.
In a LinkedIn post on February 16, Coral announced her departure, stating that she was leaving after nearly three years in her role as vice president of finance. He wrote:
I decided to leave and look for new opportunities. My time at Better was an incredibly rewarding experience and I am grateful to my colleagues, particularly those on the finance and accounting team, for their trust and camaraderie over the years. I learned a lot from all of you and I am impressed with what we have achieved.
News of Wallace’s departure was leaked to Blind earlier this month, when an internal email was shared by a verified user.
According to LinkedIn, Wallace started at Better in March 2020 as Director of Sales before becoming Head of Sales and then Head of Real Estate Services in March 2021. Tyger joined the company in 2019 as Director of Business Operations and Rosen started joined the company in December 2016 as a growth associate, and at one point was the company’s chief of staff and director of sales and operations strategy.
Meanwhile, several sources who wish to remain anonymous for fear of retaliation tell Ploonge that Better is preparing for a mass layoff that could affect 40% to 50% of its staff. The layoffs are expected to occur sometime in March. At the time of the company’s layoffs in early December, Better.com had about 9,100 employees. Since then, the remaining employees would have left in droves, with senior executives leaving one by one.
The latest outings aren’t entirely surprising considering the amount of negative publicity Better.com has suffered in recent months.
It’s been about 11 tumultuous weeks since CEO Vishal Garg fired 9% of the company’s staff via a Zoom call that attendees characterized as insensitive in tone. In addition to losing an ongoing series of senior staff members, two board members have stepped down. The company’s $6.9 billion SPAC has been postponed indefinitely. Disturbing details from Garg’s Long history of verbal abuse also emerged. The list goes on…
Earlier this week, Bloomberg reported that Better.com was hiring more aggressively in India, reportedly due to lower labor costs.
The company separately disclosed in a recent SEC filing that its fourth-quarter net loss could reach $182 million, while revenue was down 22% from the previous quarter.
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