Unacademy CEO Declares No Performance Reviews While Sporting $400 Burberry Tee, Online Community Responds

Following the termination of approximately 250 employees, Gaurav Munjal, the Chief Executive Officer of ed-tech startup Unacademy, declared that workers would not be receiving appraisals this year. During the company’s virtual town hall last week, Mr. Munjal disclosed that there would be no salary increases for employees. Reports suggest that he was dressed in a $400 Burberry T-shirt at the time, and the online community did not overlook the irony of the situation. Posting the town hall video on Reddit, one user highlighted the CEO’s pricey T-shirt.

“This is a Burberry Black Parker tshirt with an embroidered logo. It is true that personal belongings should not be focused on. However, the reality is what it is,” the user commented.

Observe the video below: 

Unacademy CEO shares news of no appraisal year while wearing a $400 tshirt
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In his town hall address to employees, Mr. Munjal admitted that they had failed to achieve their growth objectives and therefore would not be conducting appraisals for the staff. “I believe that 2023 was a mediocre year for us. However, 2024, while not exceptional, was still above average. But we did not meet our growth targets. The positive aspect is that the expenditure is now extremely low, and we have a substantial runway. I have always emphasized that we are not in danger of going out of business,” he remarked.

Mr. Munjal attributed challenges, a challenging market, and declining revenue from physical centers as reasons for the ed-tech company’s failure to meet its goals. “It has been a rough ride, which is why I have some unfortunate news that we will not be able to offer any appraisals this year. I know I mentioned a few weeks ago that we would conduct appraisals, but when we began the process, we realized our mistake,” he elaborated.

The CEO of Unacademy also recognized that some workers have gone without appraisals for two years, but he encouraged his staff to consider the bigger picture.

On social media, users were quick to point out the expensive T-shirt worn by Mr. Munjal. “These CEOs refuse to reduce their own standard of living but instead choose to halt appraisals for the individuals who keep their businesses running,” one user remarked.

“Simply take a salary cut! That money could have been used to provide appraisals to numerous employees. The disparity between a CEO’s salary and an average employee’s salary is still too vast,” another suggested.

“This brings to mind the former Boeing CEO addressing the company’s losses while decked out in his pricey designer suits and Patek Philippes, earning huge salaries, etc.,” recalled a third individual. “This is not just a startup-specific issue. CEOs or chairmen reap all the benefits from the government and the market, earning millions. When it comes time to give something back to their employees, they cite tough times and so on,” another user expressed.

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