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Labor Issues

FITB

Fifth Third Bancorp (NASDAQ:FITB) announced executive leadership changes effective January 2, 2024. Tim Spence is appointed as chairman of the board, succeeding Nick Akins, who becomes lead independent director. Jamie Leonard transitions from CFO to COO, overseeing key customer-facing groups. Bryan Preston, currently treasurer, is promoted to CFO, and Brennen Willingham steps up as treasurer. These changes aim to position Fifth Third for stability, profitability, and growth.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 1:02 pm

ENPH

Enphase Energy Inc (NASDAQ:ENPH) is reducing its global workforce by 10%, ceasing operations in Romania and Wisconsin, and resizing other manufacturing sites. The company will focus on U.S. production, aiming for a capacity of 7.25 million microinverter units per quarter. The restructuring will cost $16-$18 million, with $7 million in cash expenditures. Enphase anticipates non-GAAP operating expenses of $75-$80 million per quarter by 2024. The decision follows reduced demand for solar inverters in the U.S. due to metering reform and higher lending rates. ENPH shares rose 1.27% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 19, 2023 | 12:43 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) is increasing hourly wages at its Nevada Gigafactory, with raises between $2 to $8.30 per hour. The adjustments, termed as 'cost of living adjustments,' will reflect a 10% or more increase for most hourly workers starting in early January. This move is perceived as a strategy to mitigate potential unionization efforts among Tesla employees, in the wake of labor unrest and strikes affecting the auto industry, including actions by the United Auto Workers (UAW) union against major automakers.

Portfolio Pulse from Benzinga Neuro

December 19, 2023 | 12:36 am

X

U.S. Steel Corporation (NYSE:X) is set to be acquired by Nippon Steel Corporation for $14.9 billion. U.S. Senator John Fetterman and United Steelworkers president David McCall have expressed strong opposition to the deal, citing concerns for workers and the desire to keep the company American-owned. Despite the backlash, the acquisition has been approved by both companies' boards. U.S. Steel's stock closed up 26.1% on the announcement.

Portfolio Pulse from Erica Kollmann

December 18, 2023 | 10:17 pm

X

U.S. Steel has announced that the collective bargaining agreements with USW union members will remain unchanged following the transaction with Nippon Steel Corp. Employees will continue to receive their regular paychecks, profit sharing, and benefits as per the existing terms, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:45 pm

TRIB

Trinity Biotech has announced the immediate promotion of its CFO, John Gillard, to President and CEO. Aris Kekedjian has resigned from his role as CEO and from the Trinity Board of Directors effective December 17, 2023. Des Fitzgerald has been named as the Interim CFO.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:34 pm

PRI

Primerica has promoted Tracy Tan to CFO, effective December 20, 2023, ahead of the previously announced date of no later than April 1, 2024. Tan succeeds Alison Rand, who will retire on April 1, 2024, but will remain to provide transition support. Nicholas Jendusa has been appointed as the principal accounting officer, also effective December 20, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 9:17 pm

X

Senator John Fetterman has expressed opposition to the acquisition of United States Steel Corp. by a foreign company, stating it is detrimental to workers and Pennsylvania. He has vowed to do everything in his power to prevent the acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:04 pm

CHE

Chemed Corporation (NYSE:CHE) has announced the appointment of Michael D. Witzeman as the new CFO, effective January 1, 2024. He will succeed David P. Williams upon his retirement. Witzeman, currently the Vice President and Controller at Chemed, has been with the company since 2005 and has a background in accounting and assurance from Deloitte & Touche LLP.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:26 pm

EXPI

Five women have filed lawsuits against eXp Realty, alleging that the company ignored complaints about two male agents engaging in predatory behavior towards female colleagues during work events involving alcohol. The New York Times reported on these allegations, highlighting concerns about the company's handling of sexual misconduct.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:31 pm