Overview

• Outgoing CEO Tony Vinciquerra claims new union contract terms have led to a significant increase in production costs in the U.S.
• Vinciquerra highlights that approximately 15,000 non-union jobs have been lost over the past three years due to industry contraction.
• California has been particularly affected, with high production costs and insufficient tax incentives compared to other regions.
• He predicts a chaotic period of mergers and layoffs in the industry over the next 18 to 24 months, followed by stabilization.
• Vinciquerra plans to step down as CEO at the end of the year, potentially returning to a private equity role.