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Morrissey said GM would provide salaried workers with severance packages and job placement services. GM is also cutting its executive ranks by 25 percent and last week laid off three senior people in its Washington office and some other small salaried layoffs previously took place red cufflinks. President Donald Trump and U.S. and Canadian lawmakers have blasted GM’s plans to end production at plants in Ontario, Michigan, Ohio and Maryland. GM said in November it would end U.S. and Canadian production of the Chevrolet Cruze, Volt, Impala, the Buick LaCrosse and the Cadillac XTS and CT6 sedans..
Trump, who made a 2017 speech near GM’s Lordstown Assembly plant in Ohio, said in November the company had “better” find a new product for that plant. But GM Chief Executive Officer Mary Barra wrote last week: “We are more convinced than ever that our strategy is sound and in the long term.” red cufflinks. Last month, Comprehensive Logistics said it would cease operations at its facility in Lordstown that provides logistics and warehousing, impacting about 180 jobs. Magna International Inc is also laying off about 120 people at its Lordstown Seating Systems plant that makes seats for GM vehicles..
(Reuters) – Papa John’s International Inc unveiled an investment of up to $250 million from hedge fund Starboard Value LP on Monday, snubbing a rival offer from founder John Schnatter, who is seeking to regain control of the world’s third largest pizza delivery company. The deal marks the next chapter in the battle between Papa John’s and Schnatter, who resigned as chairman last July, following reports he had used a racial slur on a media training conference call red cufflinks. He later said he regretted his decision, arguing his comments were taken out of context..
The dispute has taken a toll on the company, which said on Monday its North America same-store sales decreased by 10.5 percent in January, after dropping 7.3 percent in 2018. Papa John’s has been seeking to fend off competition from rivals such as Dominos Pizza Inc and Yum! Brands Inc’s Pizza Hut through promotional discounts, which have yet to pay off red cufflinks. Papa John’s shares, which have tumbled nearly 40 percent since Schnatter left his position as CEO in January 2018, jumped 10 percent to $42.34 on Monday, giving the company a market capitalization of $1.3 billion..
Under the terms of the deal, Starboard Chief Executive Officer Jeffrey Smith will become Papa John’s chairman and Anthony Sanfilippo, former chairman and CEO of casino operator Pinnacle Entertainment, will join as an independent director. Papa John’s CEO Steve Richie will also join the company’s board, expanding it from six members to nine and further diluting the influence of Schnatter, who also sits on the board red cufflinks. The deal is unusual for Starboard, which typically amasses stakes in companies in the open market rather than through negotiated deals. Starboard will buy $200 million worth of newly issued Papa John’s convertible preferred stock, equivalent to approximately 11 percent to 15 percent of the company’s outstanding common stock. Before the deal was announced, Schnatter owned about 30 percent of the company..