Executives Now Leave This Massive US Company After Layoffs

Executives now leave this massive US company after layoffs were announced Monday, affecting more than 10% of its workforce.

Tesla executives Drew Baglino and Rohan Patel announced Monday they are leaving the electric vehicle maker and clean energy company.

CEO Elon Musk thanked both departing execs on X, the social network he owns and runs as chief technology officer.

The news comes after Tesla said it is laying off more than 10% of its workforce.

Baglino had worked with Tesla since its early years, starting as a firmware and electrical engineer in 2006.

He most recently reported directly to Musk as the company’s senior vice president for powertrain and energy engineering.

Patel joined Tesla in 2016 after working as a senior advisor to former President Barack Obama on climate and energy issues, among other policy matters.

Reuters recently reported that Tesla has set aside plans to make a more affordable new EV at Musk’s direction.

The strategy shift includes a greater focus on developing a “robotaxi” and comes amid steep competition including from BYD and other Chinese automakers with more affordable electric cars.

Patel and Baglino had been deeply involved in battery and vehicle manufacturing, related policy, and turning Tesla into a multinational EV manufacturer.

They were less involved in autonomous vehicle technology at Tesla.

Baglino wrote in a post on X:

“I made the difficult decision to move on from Tesla after 18 years yesterday.

I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years.

I loved tackling nearly every problem we solved as a team and feel gratified to have contributed to the mission of accelerating the transition to sustainable energy, a mission that I am quite passionate about.”

Musk responded on the platform, “Thanks for everything you’ve done for Tesla. Few have contributed as much as you.”

As of Monday morning, Tesla had not yet updated the “leadership” information on its corporate webpage to reflect Baglino’s departure.

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Also Read: Three Massive Bank Branches Are Now Closing in California

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Market News Today - Executives Now Leave This Massive US Company After Layoffs.
Market News Today – Executives Now Leave This Massive US Company After Layoffs.

A popular bakery with 1,000 stores makes an unexpected closure, with the CEO now admitting that some locations were a ‘mistake’.

A slowdown at Crumbl Cookies caused the store to close seven locations last year and additional stores in 2024.

The popular sweet treat store recorded a notable drop in average revenue and net profit in the past year, QSR reported.

This required the shop to make some executive changes, closing locations for the first time since opening in 2017.

In 2023, four shops were closed in California, one in Florida, Georgia, and Utah, per its franchise disclosure document, reported QSR.

Additional stores closed in 2024, with one shop in Bellevue, Tennessee, reported Williamson Source.

And in February, Crumbl Cookies bid farewell to its Victorville, California location.

The store was reportedly closed due to underperformance, Victor Valley News Group reported.

It had been open since July 2022.

The chain’s 1,000th shop opened the same month in Burbank, California, reports The-Sun.

It recorded 970 units nationwide in 2023, reported QSR.

Crumbl plans to open 122 more stores in 2024, per its FDD, marking its lowest output since 2020, compared to 184 new stores in 2023 and 363 new stores in 2022, reported QSR.

Amid the closures, the chain bought a franchised unit in California, marking its second company-owned location.

In an attempt to improve sales, the cookie company expanded this year to offer desserts like Cinnamon Squares, Tres Leches Cake, and Carrot Cake, according to QSR.

But Crumbl has said the closures have been part of its plan all along.

Crumbl’s CEO Jason McGowen told QSR in 2023 that this was a planned slowdown to help the company take a breather, attract more customers and expand into international markets like Canada and the U.K.

“It’s an interesting strategy, and we think it’ll pay off,” McGowan told QSR.

“And again, we don’t think it’s going to be perfect. We think there may be a mistake on a store location or that sort of thing.

But I think we got to a really good spot and I think we nailed the first phase of the strategy.

So now it’s going to be a little bit more strategic on where we place locations, the timing,” he said.

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Also Read: A Giant US Company Now Declares An Unexpected Bankruptcy

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Market News Today - Executives Now Leave This Massive US Company After Layoffs.
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