Streetbeat News

Labor Issues

XWEL

XWELL Inc announced that the employment of Valerie Lightfoot as CFO did not commence on June 12, as the company decided to move in a different direction in its ongoing search for a permanent CFO.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 8:24 pm

EVER

EverQuote announces a cost reduction plan, aiming to reduce non-marketing operating expenses by over 15%. Joseph Sanborn has been appointed as the new CFO, replacing John Wagner who is leaving the company.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 8:08 pm

NKLA

Nikola Corp announced a headcount reduction that is expected to decrease personnel-related cash spend by over $50 million annually. The company is also restructuring its legacy Romeo business and shutting down legacy Cypress operations.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 8:07 pm

NKLA

Nikola Corp has taken actions to optimize and protect ongoing operations, resulting in the reduction of approximately 150 team members across multiple sites. These decisions help preserve 900 jobs.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 8:07 pm

NKLA

Nikola Corp expects its annual cash usage to decrease to under $400M by 2024, as it reorganizes its workforce around new areas of focus and eliminates non-essential spending. The Q3 launch of its hydrogen fuel cell electric truck remains on schedule.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 8:06 pm

SPR

Spirit Aerosystems has reached a tentative four-year contract agreement with the Machinists Union at its Wichita, Kansas-based plant.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 4:53 pm

UPS

Teamsters, representing United Parcel Service (UPS) workers, have voted 97% in favor of a strike if UPS fails to deliver a strong contract. This could potentially disrupt UPS operations.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 3:46 pm

UPS

Teamsters union has authorized a strike at United Parcel Service (UPS), causing the company's shares to move lower.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 3:45 pm

ASTL

Algoma Steel Group Inc. (NASDAQ:ASTL, TSX:ASTL) reports a fatal incident involving a contractor's employee who was performing specialized maintenance work. The Ministry of Labour has been notified and an investigation is underway.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 1:11 pm

ORGN

Origin Materials Inc (NASDAQ:ORGN) announced the retirement of CFO Nate Whaley and has initiated a search for a replacement. Whaley will remain at the company until September 1, 2023, and hold an advisory role through the end of the year. The company recently appointed James Stephanou to the Board of Directors.

Portfolio Pulse from Lekha Gupta

June 16, 2023 | 12:16 pm