Things are getting worse.
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 multiple sources. Current and former employees are included.
The company's VP of finance, Christian Wallace, head of real estate, Paul Tyger, general manager of purchase, and Stephen Rosen, head of sales have all resigned.
The four individuals and Better.com had not heard back before the publication of the story.
Coral left his job as VP of finance after nearly three years in a February 16 LinkedIn post. He wrote.
I have decided to leave and seek new opportunities. My time at Better was an incredibly rewarding experience and I am grateful to my colleagues, particularly those in the financing and accounting team, for their trust and camaraderie over these years. I learned so much from all of you and I am amazed at what we accomplished.
The news of Wallace's departure was leaked on Blind earlier this month when an internal email was shared by a verified user.
Wallace started at Better as a sales director in March 2020 and transitioned into a head of sales and real estate services role in March 2021. The company's chief of staff and director of sales strategy and operations were both once employed by the company, as was Tyger, who joined the company in 2019.
Multiple sources who wish to remain anonymous say that Better is preparing for a massive layoff that could affect as much as 40% to 50% of its staff. The layoffs are expected to happen in March. Better.com had 9,100 employees at the time of the layoffs. Remaining employees have been leaving in droves, with senior executives leaving one by one.
The amount of negative publicity Better.com has suffered in recent months is not surprising.
It has been a tumultuous 11 or so weeks since CEO Vishal Garg laid off 9% of the company's staff via a Zoom call that participants have characterized as callous in tone. Two board members stepped down due to the loss of senior team members. The company's $ 6.9 billion SPAC has been delayed indefinitely. Garg has a history of verbal abuse.
The outfit's bottom line may be affected by the turmoil. The company stated in a recent SEC filing that it may have a net loss of $182 million in the fourth quarter. Better.com has been hiring more aggressively in India due to the lower cost of labor, according to a report.
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Fintech Roundup: Better.com workers leaving in ‘droves’ in wake of CEO Vishal Garg’s return
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