- Workforce Working
- Posts
- Is Anyone in the Market for a new CEO?
Is Anyone in the Market for a new CEO?
Moshe Ohana
May 06, 2024
What's inside:
The MarketsUpwork goes all in on AI
Upwork’s Hayden Brown is betting the farm on AI and it’s working.
Upwork reported Q1 2024 earnings on May 1 and here are the highlights:
Revenue grew 19% year-over-year to $190.9 million in the first quarter of 2024
Active clients grew 5% year-over-year to 872,000
Diluted EPS was $0.13 in Q1 2024 compared to diluted loss per share of $(0.15) in the first quarter of 2023
Here’s the updated guidance Upwork provided for full year 2024:
Revenue growth to ~$782 million
Diluted NPS of $0.88 - $.92
Since reporting earnings, $UPWK stock is up almost 9%.
What is Upwork doing right?
As we reported a couple of months ago, Upwork is extremely bullish on AI being at the forefront of the future of work.
Most notably, Upwork unveiled Uma, it’s Mindful AI, “to power key experiences in the hiring and matching process as well as develop into a work companion that interacts with clients and freelancers throughout their Upwork journey”. Uma helps those who need work to be done post jobs and helps those who want to work win work. It helps evaluate and write proposals and can answer questions on contracts and payments. As Uma is used and refined, all Upwork users will be able to leverage Uma when interacting with Upwork.
Join the waitlist for Uma now.
Around the worldMulti-billion dollar retail chain fined for missed payments to workers
This 100 year old Australian Grocery chain is on the hook to pay over $1 million in fines, missed wages, and interest on the wages.
Woolworths, one of Australias oldest grocery chains, admitted it failed to pay long service leave to more than 1,200 employees in Victoria, Australia.
3,617 payments were missed over the course of 3 years from 2020-2022.
There was a proposed maximum penalty of $10 billion but since Woolworths self reported the errors and plead guilty, the fine imposed is much less.
It has been reported that this all started with a configuration error during the implementation of a new payroll software.
In an interview with 9 News Australia, Wage Inspectorate Commissioner, Robert Hortle said this incident should “stand as a significant warning to any big corporation that they need to get it right”.
Payroll errors can be costly and it can happen even in your home country. Imagine what can happen when you’re trying to get it right on your own in a foreign market.
LayoffsTesla and Peloton lay off hundreds each
Covid era Wall Street sweethearts, Tesla and Peloton, each announced yet another round of layoffs last week.
Tesla cut the jobs of 500 employees within the Supercharging group including the Rebecca Tinucci, Senior Director - Charging Infrastructure.
Similarly, Peloton has announced a broad restructuring plan that will affect 15% of its staff which is around 400 employees globally.
In addition to the staff at each company exiting, key execs at both are exiting too.
It’s been reported that Allie Arebalo, Tesla’s top HR executive has left the company according to people familiar with the matter. According to her LinkedIn profile, her current title is Sr. Director, North America HR.
She wasn’t a VP of HR or a Chief People Officer which is interesting given she was the highest ranking HR leader at the company reporting directly to Elon Musk.
Does this mean Tesla doesn’t have any senior leaders in its HR department anymore?
Interestingly, Tesla only has 3 jobs listed on its careers page. Make of that what you will.
Peloton’s CEO, Barry McCarthy, has also stepped down. According to his LinkedIn profile, he is now a “free agent”.
Anyone looking to hire a CEO? #ex-Peloton
Strategic quick hits