Streetbeat News

Labor Issues

TWLO

Twilio Inc. has announced a new workforce restructuring plan to streamline operations, which includes the elimination of approximately 5% of its current workforce. The company expects to incur charges of about $25M-$35M in connection with the workforce reduction, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 2:18 pm

PSNL

Personalis, Inc. has announced a workforce reduction that will affect approximately 20% of the company's staff. The company anticipates that this move will decrease its operating expenses by about $14 million annually.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 2:16 pm

BYON

Beyond, Inc. (NYSE:BYON), the parent company of Bed Bath & Beyond, reported a 24% year-over-year revenue growth during the Cyber 5 sales period. The company also announced a fixed cost restructuring plan aiming to reduce annual costs by $25 million by early 2025. This plan includes a 10% workforce reduction, facility resizing, vendor contract renegotiations, and outsourcing. The savings are expected to start in late Q4 2023, with full annualized savings realized by 2025.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:33 pm

SPOT

Spotify's stock price is on the rise following an announcement of a reduction in its workforce.

Portfolio Pulse from Luke J Jacobi

December 04, 2023 | 1:29 pm

JNJ

Johnson & Johnson (NYSE:JNJ) is experiencing a leadership transition after the unexpected exit of Ashley McEvoy, former head of the medical device unit. Jennifer Taubert and CFO Joseph Wolk are now the top contenders for the CEO position. The current CEO, Joaquin Duato, took over in 2021, and there is speculation about a potential leadership change in the next 3-5 years. McEvoy's departure has led to Tim Schmid taking over her role, making him a possible future candidate for CEO. JNJ shares saw a slight decline in premarket trading.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 1:18 pm

CYCN

Cyclerion Therapeutics has appointed Regina Graul as its new President, effective immediately. Former CEO Peter Hecht will remain involved as a strategic consultant and board member, but has stepped down from his CEO role.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:11 pm

ANSS

Ansys, Inc. has announced that Nicole Anasenes, the company's CFO and Senior Vice President of Finance, will leave the company in the second quarter of 2024. Ansys is currently searching for a new CFO, and Anasenes will assist in the transition process.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:06 pm

MKSI

MKS Instruments has announced the retirement of Seth H. Bagshaw, the Executive Vice President, Chief Financial Officer, and Treasurer, effective April 1, 2024. The company will likely be looking for a successor to fill Bagshaw's role.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 12:19 pm

SPOT

Spotify Technology S.A. (NYSE:SPOT) CEO Daniel Ek announced a 17% reduction in workforce due to economic slowdown and the need for efficiency. Despite beating Q3 FY23 revenue and EPS estimates, Spotify aims to lower its cost structure. Affected employees will receive severance packages, and the stock has risen 121% YTD. SPOT shares are up 1.43% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 04, 2023 | 11:57 am

THRX

Theseus Pharmaceuticals has terminated the employment of its CEO, Timothy P. Clackson, effective December 7. The company's CFO, Bradford D. Dahms, has been named as the new President.

Portfolio Pulse from Charles Gross

December 04, 2023 | 11:35 am