Afternoon Coffee: Fabio Rosati Snagged as CEO of Snag, Tesla Asked Suppliers to Return Portions of Payments

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Hourly work platform Snag (formerly Snagajob) has appointed Fabio Rosati to the post of board chairman and CEO, according to a press release. Rosati was a founder and the former CEO of Elance, one of the first online freelancer marketplace platforms.

Snag, founded in 2000, describes itself as “a platform for hourly work, connecting more than 60 million active job seekers with employment opportunities at 300,000 employer locations in the US and Canada.” From 2006 to 2016, the company raised $141 million of private equity, with $100 million in a single round in 2016.

Snag’s clients — large enterprises in the restaurant, retail and hospitality verticals — include Burger King, Marriott and Old Navy. The platform provides employers not only on-demand access to its online marketplace but also technology and services that enable the recruiting and hiring of workers as part- and full-time employees. Snag competes in the hourly work sector with a range of traditional suppliers and other digital platform providers, such as Shiftgig.

Tesla Supplier Refunds

Tesla asked some of its suppliers to return a portion of its payments to help the company turn a profit, The Wall Street Journal reports. As characterized in a memo from one of Tesla’s global supply managers, the refunds were “essential to Tesla’s continued operation” and would help secure the electric car maker’s long-term future. Tesla called the request “a standard part of procurement negotiations to improve its competitive advantage,” according to the report.

Bangladesh Wages

Workers in Bangladesh are seeking a raise, asking for triple what they currently earn, according to Sourcing Journal. The campaign seeks a minimum wage increase to 16,000 Bangladeshi taka ($189) per month from the current 5,300 taka ($63) rate.

Meat Pile 

And finally, a trade update: Meat and poultry are piling up in U.S. warehouses at a record rate, The Wall Street Journal reports, as trade disputes are taking a bite out of demand. Federal data are expected to show the level of beef, pork, poultry and turkey being stockpiled in U.S. facilities rising above a record 2.5 billion pounds.

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