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Labor Issues

LUV

Southwest Airlines maintains its Q4 guidance for operating expenses per available seat mile (excluding fuel, oil expense, profitsharing, and special items) to be down 16% to 19% year-over-year. This includes costs associated with the tentative deal with SWAPA. The company has been accruing for market wage rates for all open labor contracts since April 1, 2022.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 10:34 pm

LUV

Southwest Airlines has reached a tentative agreement with the Southwest Airlines Pilots Association (SWAPA), which will be subject to a vote by the airline's nearly 11,000 pilots. SWAPA is set to communicate the contract details and the voting process to the pilots.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 10:31 pm

WFC

A Wells Fargo branch has become the first among major U.S. banks to unionize, potentially setting a precedent for labor organization in the banking industry. This move could lead to changes in working conditions and wages at Wells Fargo and may influence other bank branches to consider unionization.

Portfolio Pulse from Charles Gross

December 20, 2023 | 10:27 pm

SCWO

374Water announced the resignation of CFO Israel Abitbol on December 14 and the appointment of Adrienne Anderson as the new CFO, effective January 8, 2024, as disclosed in a recent 8-K filing.

Portfolio Pulse from Charles Gross

December 20, 2023 | 10:25 pm

ADT

ADT Inc. has announced that Executive Vice President and CFO Ken Porpora will step down and depart at the end of the year. Jeff Likosar, currently President of Corporate Development and Chief Transformation Officer, will serve as interim CFO. Likosar has prior experience as ADT's CFO from 2017 to 2022. The company has initiated an external search for a new CFO.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 9:15 pm

NXST

Nexstar Media Group, Inc. (NASDAQ:NXST) has announced a multi-year extension of the employment agreement with Lee Ann Gliha, the company's Executive Vice President and Chief Financial Officer. Gliha, who joined Nexstar in August 2021, plays a key role in financial management, strategic planning, and M&A. Nexstar's CEO Perry Sook praised Gliha's positive impact and her contributions to the company's growth.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 9:10 pm

PLAY

Dave & Buster's Entertainment (PLAY) announced the retirement of CFO Michael Quartieri effective April 30, 2024. Quartieri will continue as CFO until a successor is appointed and will provide advisory services for a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 9:07 pm

SHPW

Shapeways announced a workforce reduction of approximately 33 employees, which is about 24% of its global non-production workforce, as part of its cost-reduction initiatives that began in Q3 of the current year. This reduction represents around 15% of the total global workforce of the company.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 9:07 pm

C

Citigroup is closing its global distressed-debt group as part of CEO Jane Fraser's restructuring plan, known internally as Project Bora Bora. The move aims to exit low-return businesses to meet Fraser's performance targets. This follows the recent shutdown of Citigroup's municipal-bond trading operations. The distressed-debt group, which deals with securities of companies near or in bankruptcy, has around 40 employees.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 8:44 pm

LUV

Southwest Airlines pilots, represented by their union, are set to receive a 3.25% pay raise in 2028 following the end of their current contract. Additionally, they will be awarded a 2.5% annual bonus until a new agreement is reached. The union's board has approved the new contract proposal and is sending it to the members for a ratification vote, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 6:34 pm