Better founder Vishal Garg has returned as CEO of the online-mortgage startup after taking a leave of absence following a mass layoff and allegations of a toxic work culture. In an internal memo, Better's board expressed confidence in Garg's leadership and his commitment to making necessary changes. These developments have sparked outrage and sparked discussions about workplace toxicity. Along with Garg's return, the company has implemented a new leadership team and training program to improve workplace culture.
Vishal Garg's Contentious Return to Better.com: A Deeper Dive
Background
Better.com, an online mortgage startup, has been embroiled in controversy since December 2021, when CEO Vishal Garg abruptly laid off 900 employees over a Zoom call that went viral. Garg's actions sparked outrage and allegations of a toxic work culture at the company.
Following the incident, Garg took a leave of absence. The company's board initiated an investigation and appointed a new leadership team to address the concerns raised.
Garg's Return
In March 2022, Garg returned as Better.com's CEO. An internal memo from the board expressed confidence in Garg's leadership and his commitment to improving the workplace culture. The decision was met with mixed reactions, with some employees expressing support and others voicing concerns.
New Measures
Alongside Garg's return, Better.com has implemented a new leadership team and a training program aimed at fostering a more positive and inclusive workplace. The company has also promised to listen to employee feedback and make necessary changes to address the challenges it faces.
Top 5 FAQs
Why was Vishal Garg initially removed as CEO?
Why did Garg return as CEO?
What changes has Better.com made since Garg's return?
What is the current state of workplace culture at Better.com?
What are the lessons to be learned from this situation?
Rishi Shah and Shradha Agarwal, two co-founders of Chicago-based health tech firm Outcome, have been convicted and sentenced for committing a $1 billion fraud scheme. Shah, a former billionaire and Outcome's former CEO, received a seven-and-a-half year prison sentence, while Agarwal, the former president, was sentenced to three years in a halfway house. The fraud, exposed by Wall Street Journal in 2017, involved selling advertising inventory that the company did not own and under-delivering on ad campaigns. Several high-profile investors, including Goldman Sachs and Google-parent Alphabet, were targeted in the scheme.
Emcure Pharmaceuticals has raised a significant amount of funding through its anchor book, with notable global investors such as the Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley participating. The company has also secured investments from several mutual funds, insurance companies, and other institutional investors. This capital will allow Emcure to strengthen its position in the pharmaceutical industry and continue its growth and development.
With the monsoon session of Parliament approaching, all eyes are on Finance Minister Nirmala Sitharaman as she presents Modi 3.0 government's first Union Budget. As expectations of potential populist measures and tax relief initiatives rise, employed taxpayers are hoping for changes in the exemption for House Rent Allowance (HRA) under the old tax regime. Experts suggest that revisiting the classification of HRA exemptions, which has remained unchanged for over three decades, could provide significant financial relief for taxpayers residing in rapidly growing non-metro cities. Additionally, the government may introduce incentives to encourage transition from the old tax system to the new one, ultimately boosting middle-class consumption and GDP figures.
Foreign brokerage Bernstein has recommended an 'outperform' rating on power financiers PFC and REC, citing underestimation of the current power cycle by investors and lower NPA risks. The targets set are Rs 620 for PFC and Rs 653 for REC, implying potential gains of over 23% and 21% respectively. Despite recent rallies, these stocks are trading at cheaper valuations and offer better returns for investors. Stay updated on the latest business and stock market news, and manage your finances with our useful tools and resources.
HDFC Bank, one of the leading private sector banks in India, experienced a surge in its stock price today, hitting a 52-week high on the NSE at ₹1,794. The stock price rose by 3.07% on the NSE, trading at ₹1,783.65 as of 11:26 am. This increase in stock price is a positive indicator of the bank's performance and may attract investors looking for profitable options in the stock market.
The Goods and Services Tax (GST) has been a key factor in India's economic growth, with Finance Minister Nirmala Sitharaman expected to prioritize GST numbers in the upcoming Budget. In April 2024, GST collection hit a new high of ₹2.1 lakh Crore, indicating the resilience of the economy and reducing the load on government budgets. With strong tax collection, the government can focus on its capex plan and welfare initiatives, while also considering the concerns of coalition partners.
On July 3, 2024, oil marketing companies (OMCs) in India have released fresh prices for petrol and diesel, which are revised daily at 6 am. Amid fluctuations in international crude oil prices, these changes affect the amount customers have to pay for a litre of fuel. However, after seeing a steady rate since May 2022, the prices have now started increasing post March 2024. Check the city-wise rate table to know the latest cost of petrol and diesel in India.
The Air India Express Employees Union, affiliated with the Bharatiya Mazdoor Sangh, has written to the Chief Labour Commissioner alleging various unfair labor practices by the airline. These include issuing charge sheets to members and disrupting industrial relations. This comes amid conciliation proceedings between cabin crew members and airline management.
In the first quarter of 2024, Hannover Re exceeded expectations with a 15% increase in group net income, reaching €558 million. Reinsurance revenue also saw growth, rising by 1.6% to €6.7 billion. The company's shareholders' equity and capital adequacy ratio both remained strong, at €10.9 billion and 266.8% respectively. In the property and casualty reinsurance segment, risk-adjusted prices and conditions improved, leading to a 3.1% increase in gross reinsurance revenue. In life and health reinsurance, demand remained strong for financial solutions and longevity risk protection. Overall, Hannover Re expects continued growth in 2024, with a forecasted group net income of at least €2.1 billion.
After Redstone abruptly pulled out of earlier merger, reconciliation follows the media company's updated strategic plan. The deal also includes a "go-shop period" for other interested bidders to make offers. The messy and erratic M&A process has been ongoing for more than six months and has seen interest from investment groups and private equity giants. Following the withdrawal from prior Skydance arrangement, Paramount shifts its attention to updated strategic plan, with focus on annual cost savings and asset sell-offs. Though the Skydance deal has delivered promising news, a new round of layoffs and departure of key executives continue to highlight Paramount's need for a transaction.