Streetbeat News

Labor Issues

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

CULP

Culp, Inc. (NYSE:CULP) announced a major restructuring plan focused on its mattress fabrics segment to reduce costs and improve efficiency, expecting to save $10M-$11M annually. The plan includes reducing the workforce by ~240 people (~35% of the segment's workforce), consolidating operations, and transitioning to strategic sourcing models. The restructuring, aimed at addressing reduced demand and excess capacity, will also involve selling real estate and equipment to fund the costs, with anticipated cash proceeds of $10M-$12M. The company expects to return to profitability and maintain competitive advantage without impacting top-line sales.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:23 pm

EBS

Emergent BioSolutions is implementing strategic operational changes to stabilize its financial position, which includes reducing its workforce by approximately 300 employees across all areas of the company.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:06 pm

FRSH

Freshworks has announced the appointment of Dennis Woodside as CEO and President, effective immediately. Woodside, who was already serving as President, will take over from Girish Mathrubootham, the company's founder. Mathrubootham will transition to the role of Executive Chairman. This leadership change is significant for Freshworks as it moves forward.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:19 pm

SPY

Federal Reserve Chairman Jerome Powell indicated that the Fed might consider policy adjustments if there is greater confidence in the economy and an unexpected weakening in the labor market. This statement suggests a cautious approach to monetary policy, potentially impacting interest rates and economic growth expectations.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 6:45 pm

SPY

Fed Chair Powell stated that current policy is restrictive and impacting demand, as evidenced by the labor market data in the JOLTS report. He noted that quits and hiring rates have normalized, indicating a shift in the labor market dynamics.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 6:40 pm

TSLA

Tesla's top HR executive, Allie Arebalo, has departed from the company, as reported by a Bloomberg reporter on X.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 3:19 pm

FSRN

Fisker Inc. has initiated another round of layoffs to conserve cash as it faces potential bankruptcy. CEO Henrik Fisker communicated the decision via an internal email, highlighting the company's efforts to explore all business options, including potential transactions to secure capital. The exact number of job cuts remains unspecified. Fisker's financial struggles have been ongoing, with a warning in February about insufficient funds to operate beyond the year and subsequent delisting from the NYSE in March. The company is seeking bankruptcy protection if it cannot restructure its debt or raise necessary capital.

Portfolio Pulse from Anan Ashraf

May 01, 2024 | 2:54 pm