Streetbeat News

Labor Issues

NSIT

Insight Enterprises, Inc. (NSIT) announced the retirement of CFO Glynis Bryan, effective December 31, 2024. Bryan will transition to an advisory role after serving as CFO since 2007. The company has engaged an executive search firm to find her successor.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 12:06 pm

TSLA

Tesla Inc's (NASDAQ:TSLA) top HR executive, Allie Arebalo, has reportedly left the company, following the departure of other senior executives and amidst a series of layoffs and team dissolutions. This adds to the challenges Tesla faces, including declining sales and revenue, with the company reporting a drop in quarterly revenue for the first time since the pandemic in 2020.

Portfolio Pulse from Anan Ashraf

May 02, 2024 | 11:53 am

SPY

The Challenger Job Cuts report for April shows a decrease in job cuts to 64,789 from 90,309 in the previous month, indicating a potential improvement in the job market.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:30 am

PTON

Peloton shares are trading higher following the announcement of a CEO transition and a 15% reduction in global headcount.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:10 am

PTON

Peloton announced a reduction in its global workforce by approximately 15% or around 400 employees as part of its ongoing efforts to streamline operations and reduce costs.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:06 am

GOOG

GOOGL

Alphabet Inc's Google has cut approximately 200 roles and is relocating some positions to India and Mexico as part of a cost-cutting strategy. The layoffs affect the core team responsible for Google's main products, including IT, Python development, security, and various engineering sectors. Google plans to hire in India and Mexico to fill these roles. This move is part of Alphabet's broader plan to reduce its workforce by about 12,000 jobs, or 6%, due to a downturn in the online advertising market.

Portfolio Pulse from Shomik Sen Bhattacharjee

May 02, 2024 | 10:57 am

TSLA

Tesla Inc (NASDAQ:TSLA) received over $17 million in federal grants for EV charging infrastructure before announcing layoffs within its supercharger team and scaling back its deployment goals. Despite the cutbacks, experts believe Tesla's involvement in the charging network is beneficial due to its expertise. The company plans to continue expanding its supercharger network, albeit at a slower pace, after laying off 10% of its workforce to focus on vehicle autonomy.

Portfolio Pulse from Anan Ashraf

May 02, 2024 | 7:50 am

SSL

Hanré Rossouw will resign as CFO and executive director of Sasol Limited (SSL) on October 31, 2024. He joined Sasol on April 4, 2022, and contributed to the company's progress. Rossouw will assist with the financial year-end closing and the annual reports for the year ending June 30, 2024. Sasol has begun the succession process for his replacement.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:25 am

TSLA

Matt Higgins, CEO of RSE Ventures, criticized Elon Musk's leadership at Tesla, particularly highlighting issues following recent layoffs. Higgins pointed out Musk's 'cultural immaturity' and lack of empathy, which he believes could lead to a decrease in employee performance due to cultural insecurity. The layoffs, part of a 'hardcore cost-cutting' strategy, have led to over 10% of Tesla's global workforce being cut, alongside the departure of two senior executives. Despite these changes, Musk plans to continue expanding Tesla's Supercharger network, albeit at a slower pace.

Portfolio Pulse from Pooja Rajkumari

May 02, 2024 | 6:33 am

AMZN

Amazon.com Inc. CEO Andy Jassy was ruled by an NLRB judge to have violated federal labor law with his anti-union remarks. The comments were made in interviews and suggested that unionization would lead to a less empowered workforce. Amazon plans to dispute the ruling, emphasizing free speech rights. This comes amid scrutiny over Amazon's efforts to discourage unionization and could impact its labor relations. Additionally, Jassy and former CEO Jeff Bezos were accused by the FTC of deleting text messages relevant to an antitrust investigation.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 6:30 am