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Labor Issues

EA

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UBSFF

SEGA's Relic Entertainment announced the layoff of 121 employees, joining a growing list of tech companies initiating significant layoffs. Several other gaming companies have also reported job cuts this year, including Unity Software, Electronic Arts, Ubisoft, Take-Two Interactive, Tencent's Riot Games, and Meta Platforms.

Portfolio Pulse from Franca Quarneti

May 24, 2023 | 9:41 pm

LAUR

Laureate Education announced the election of Aristides de Macedo to its Board of Directors and the appointment of Andrew B. Cohen as Vice Chair. These changes are expected to strengthen the company's leadership and governance.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 9:16 pm

NKE

Nike announced that CFO Matthew Friend will expand his responsibilities to include procurement, global places & services, and demand & supply management. COO Andy Campion will take on a new leadership role as Managing Director of Strategic Business Ventures.

Portfolio Pulse from Charles Gross

May 24, 2023 | 9:14 pm

TCRX

TScan Therapeutics has appointed Gavin MacBeath as its CEO and member of the board. MacBeath, who has been serving as acting CEO since March 2023, will no longer serve as Chief Scientific and Operating Officer effective May 24, 2023.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 8:36 pm

WE

WeWork's CFO Andre Fernandez has notified the company of his intention to resign on May 18. The board of directors appointed Kurt Wehner, the current Chief Accounting Officer, as the new CFO and Treasurer, effective June 1.

Portfolio Pulse from Happy Mohamed

May 24, 2023 | 8:29 pm

TREX

Trex Company announced that Dennis Schemm has resigned as Senior Vice President and CFO to accept a position closer to family. The company has begun searching for a new CFO, with Bryan Fairbanks assuming interim responsibilities from June 9, 2023.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 8:21 pm

MSFT

Microsoft has paused salary raises and reduced bonuses to invest in the AI wave, according to an internal message from a company executive. The move aims to allocate resources towards AI development and maintain a competitive edge.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 6:05 pm

SPY

Federal Reserve Governor Christopher Waller stated that more loosening of the 'very tight' labor market is needed to help reduce high inflation. He expressed concerns about the lack of progress on inflation and mentioned that April PCE inflation and May CPI data will be critical.

Portfolio Pulse from Happy Mohamed

May 24, 2023 | 4:14 pm

UNP

The Brotherhood of Locomotive Engineers and Trainmen (BLET) and Union Pacific Railroad have reached a tentative agreement to improve work schedules and time off for locomotive engineers. The new 11 days on, 4 days off schedule is expected to be implemented within a year of ratification.

Portfolio Pulse from Happy Mohamed

May 24, 2023 | 3:13 pm

META

Meta Platforms, Inc (NASDAQ:META) stock is down Wednesday as the company begins its third round of layoffs, affecting close to 10,000 workers. Meta also lost a lawsuit against EU regulators and faces a $1.3 billion penalty for user privacy invasion.

Portfolio Pulse from Anusuya Lahiri

May 24, 2023 | 3:00 pm