Companies protect CEO compensation as workers suffer furloughs, layoffs

Companies protect CEO compensation as workers suffer furloughs, layoffs

Sonic Automotive, which operates 95 US car dealerships, started laying off and furloughing about a third of its workforce as the coronavirus pandemic crushed its sales. Then, it changed its executives’ pay packages — handing them a multimillion-dollar windfall. On April 10, Sonic’s board gave its top executives stock options to replace performance-based share awards, … Read more

Bill Ackman dumps $1 billion stake in Berkshire Hathaway

Bill Ackman dumps $1 billion stake in Berkshire Hathaway

Bill Ackman told investors that his hedge fund has sold its $1 billion stake in Warren Buffett’s Berkshire Hathaway. The hedge-fund billionaire, a longtime outspoken Buffett acolyte, explained that the move was made to give his fund, Pershing Square Capital Management, the cash it needs to make the kind of investments that the 89-year-old Buffett … Read more

ViacomCBS slashes CBS division with 400 more layoffs

ViacomCBS slashes CBS division with 400 more layoffs

ViacomCBS is slashing an additional 400 jobs as the broadcasting giant continues to search for cost savings from last year’s merger of CBS and Viacom even as it struggles to shore up losses from the coronavirus pandemic. The layoffs, which kicked off this week, primarily took place at CBS’ entertainment, news, studio, sports and local … Read more

Carl Icahn dumps Hertz stake for nearly $2B loss

Carl Icahn dumps Hertz stake for nearly $2B loss

Carl Icahn exited Hertz like a stuntman abandoning a burning car — and he suffered some nasty cuts and bruises on his way out. The billionaire investment tycoon took a loss of more than $1.8 billion as he dumped his entire stake in the bankrupt rental-car company in recent days, according to court filings. Icahn, … Read more

Amazon suspends warehouse worker after he handed out union flyers

Amazon suspends warehouse worker after he handed out union flyers

An Amazon warehouse worker says he was suspended after handing out flyers encouraging colleagues to join a union. John Hopkins’s account of his May 2 suspension from Amazon’s DSF4 facility in California is the latest example of the e-commerce giant allegedly cracking down on critics during the coronavirus pandemic. Amazon told Hopkins he was sidelined … Read more

How furniture showrooms are skirting New York lockdown laws

How furniture showrooms are skirting New York lockdown laws

Struggling retailers like Ethan Allen and Raymour & Flanigan have been skirting Gov. Cuomo’s lockdown rules, The Post has learned. The publicly traded Ethan Allen, for example, has been letting customers meet with dedicated sales people, known as “designers,” to browse New York showrooms on an appointment-only basis for weeks, according to employees. “We don’t … Read more

Papa John’s second record sales month sends stocks soaring

Papa John's second record sales month sends stocks soaring

Quarantined Americans tired of cooking aren’t the only ones getting fat off Papa John’s. Starboard Value, the $6 billion activist hedge fund that swooped in last year to push out the pizza maker’s controversial founder and CEO John Schnatter, is seeing its investment pay off big during the coronavirus. On Wednesday, Papa John’s stock soared … Read more