Tag

Severance Pay

All articles tagged with #severance pay

politics3 hours ago•5 min saved

Vetting gaps over Mandelson-Epstein ties spark UK political scrutiny

Government documents show officials warned of a reputational risk in Lord Mandelson’s Epstein ties before his US ambassadorship, citing Epstein staying at his home in 2009 and a 2019 JP Morgan report. The records also describe a rushed appointment process and concerns among senior civil servants; Mandelson pursued a severance package that led to a £75,000 settlement after his sacking. MPs demand full papers as police continue an investigation and opposition questions escalate over the PM's knowledge and honesty.

via BBC|

#due-diligence #epstein #mandelson

business6 months ago•1 min saved

Elon Musk’s X to pay $500 million in severance to former Twitter employees

Elon Musk's social media platform X has agreed to settle multiple lawsuits with thousands of former employees over severance pay disputes following mass layoffs after Musk's acquisition of Twitter in 2022, with the settlement amounts undisclosed.

via The New York Times|

#business #elon-musk #former-employees

business6 months ago•1 min saved

Elon Musk's X Settles $500 Million Lawsuit with Former Twitter Employees

Elon Musk's social media company X has reached a tentative settlement with former Twitter employees who sued over wrongful termination and severance pay, involving around 6,000 staff members laid off after Musk's takeover in 2022. The details of the settlement are not yet public, pending court approval, but the lawsuit claims employees were denied proper severance benefits, with some receiving only one month or nothing at all.

via BBC|

#business #elon-musk #settlement

business1 year ago•2 min saved

Intel's CEO Transition: Gelsinger's $10M Exit and Successor Speculations

Intel's former CEO Pat Gelsinger is set to receive over $10 million in severance pay following his departure, which includes 18 months of his base salary and bonuses. This comes amid a challenging period for Intel, marked by a significant drop in valuation and workforce layoffs due to poor financial results. Gelsinger's exit follows nearly four years as CEO, with interim co-CEOs now in place as Intel seeks a permanent replacement.

via TechCrunch|

#business #ceo-departure #financial-performance

business2 years ago•2 min saved

Elon Musk Faces $128 Million Lawsuit from Fired Twitter Executives

Elon Musk is being sued by four former Twitter executives, including ex-CEO Parag Agrawal, seeking $128 million in severance pay after being fired following the company's acquisition. Musk responded to the lawsuit with emojis on X, and the lawsuit alleges that Musk fired them without reason and made up fake cause to avoid paying severance benefits. Additionally, Musk lost the title of the world's richest person to Jeff Bezos.

via Variety|

#business #elon-musk #executives

business2 years ago•2 min saved

"Former Twitter Execs Seek $128M from Elon Musk in Severance Pay Suit"

Four former Twitter executives, including ex-CEO Parag Agrawal and ex-CFO Ned Segal, have filed a $128 million severance and benefits lawsuit against Elon Musk and X Corp, alleging that Musk fired them without reason and refused to pay their severance benefits. The lawsuit accuses Musk of disregarding "good reason" clauses in their contracts and using tactics to avoid paying what he owes. The executives are using Musk's own words against him, claiming that he planned to cheat them out of their severance benefits to save himself $200 million. Musk and X Corp have not yet responded to the lawsuit.

via Deadline|

#business #elon-musk #executives

business2 years ago•2 min saved

"Twitter Resolves Pay Dispute with Laid-off Ghana Staff"

Former Twitter employees in Ghana, who were laid off after Elon Musk's takeover of the company, have finally received their redundancy settlement and repatriation expenses more than a year after being sacked. The staff, who had only recently moved into Twitter's new office in Accra, had been in a frustrating battle for compensation and had threatened legal action. Elon Musk had initiated a massive global staff reduction, but the African contingent claimed they did not receive the promised severance pay. The company only began negotiations with the sacked Africa staff after the BBC covered the story, and last year, it was hit by a lawsuit for allegedly refusing to pay promised severance packages.

via BBC.com|

#business #elon-musk #ghana

business2 years ago•1 min saved

NJ workers to benefit from new layoff law starting Monday.

A new law in New Jersey guarantees workers in a business with 100 or more full-time employees one week of severance pay for every year of service when layoffs impact 50 or more workers. The law expands the New Jersey WARN Act to guarantee workers at least 90-days notice when downsizing is on the way. Companies are affected if they’ve been in business in New Jersey for at least three years. A failure to comply with the new law will trigger an extra four weeks of severance payouts for employees.

via NorthJersey.com|

#business #layoffs #new-jersey

business2 years ago•4 min saved

Amazon's Video Games Division Lays Off Over 100 Employees.

Amazon is laying off around 100 employees in its video games division, including employees in the Game Growth group, Amazon's San Diego gaming studio, and Prime Gaming. The move comes as Amazon CEO Andy Jassy has moved to rein in costs across the company. The company has also instituted a hiring freeze in its corporate workforce, and it has shuttered some experimental projects. Christoph Hartmann, vice president of Amazon Games, wrote in a memo that some staffers have also been reassigned to other projects "that match our strategic focus."

via CNBC|

#amazon #business #cost-cutting

business2 years ago•1 min saved

Amazon Gaming Division Cuts Over 100 Jobs

Amazon has laid off "just over" 100 employees across gaming divisions, including Prime Gaming, Game Growth, and Amazon Games' San Diego studio. The company is also reassigning workers to projects that fit its "strategic focus." The teams in Irvine and Montreal will continue to grow, and Amazon's publishing efforts will expand. Laid off employees will receive severance pay, health benefits, and paid time to find new jobs. The reasons for the layoffs are unclear, but they come after Amazon weighed its ongoing projects against its "long-term goals."

via Engadget|

#amazon #business #game-development

business2 years ago•1 min saved

Apple Initiates Corporate Layoffs in Retail Teams

Apple has reportedly started laying off a small number of employees from its retail team in a bid to improve operations, rather than as a cost-cutting measure. The affected employees have been given until the end of the week to apply for other positions within the company, and those who are unable to stay will receive up to four months of severance pay. This is the first reported layoff of full-time employees at Apple since the pandemic began, although the company has been cutting costs in other ways.

via The Verge|

#apple #business #layoffs

business2 years ago•1 min saved

EA to cut 6% of workforce in restructuring

Electronic Arts is laying off around 6 percent of its workforce as part of its investment strategy and to reduce office space. The layoffs are expected to impact approximately 780 jobs, and affected workers will receive severance pay, healthcare, and transition services. EA CEO Andrew Wilson says the company is moving away from projects that do not contribute to its strategy and restructuring some of its teams. The company expects to incur around $170 million to $200 million in charges related to the layoffs and restructuring.

via The Verge|

#business #electronic-arts #investment-strategy

business3 years ago•7 min saved

Google faces employee backlash over layoffs and benefit cuts.

Google is reportedly not paying out the remaining time off for ex-staffers who were laid off while on maternity and medical leave. More than 100 former employees have organized a group called "Laid off on Leave" and have sent letters to executives, including CEO Sundar Pichai, asking for payment for the weeks and months they were approved to take off before the job cuts were announced in January. The group includes people who were approved for or are currently on maternity leave, baby bonding leave, caregiver's leave, medical leave, and personal leave.

via CNBC|

#business #google #layoffs