Good morning, CFOs. A California state law is set to raise fast-food workers’ wages in April to $20 an hour. Some restaurants there are already laying off staff and reducing hours for workers as they try to cut costs.

California restaurants, particularly pizza joints, have outlined plans to cut hundreds of jobs in the months leading up to the April 1 wage mandate, according to state records. Other operators said they have halted hiring or are scaling back workers’ hours.

Proponents of the California law setting the new minimum food-worker wage and a state-appointed council overseeing it have said the measures would help improve the lives of hundreds of thousands of local workers. Organized labor groups have said they hope to replicate the law in other states.

The coming minimum-wage increase for California fast-food workers at bigger chains represents a 25% increase from the state’s broader $16 minimum wage. McDonald’s, Chipotle Mexican Grill, Jack in the Box and other restaurant chains have said they would raise menu prices in California to offset some of the cost.

Many California restaurant operators are looking for other ways to cover the cost, like reducing hours, closing during slower parts of the day or serving menu items that take less time to make.

• Previous coverage: Restaurants Are Raising Prices in California as Pay Rises. One Chain Isn’t.

📆 Earnings:

• GameStop
• McCormick

📈 Economic Indicators:

• The Census Bureau releases the durable goods report for February.
• The Conference Board releases its Consumer Confidence Index for March.
• The Federal Housing Finance Agency releases its Home Price Index for January.

Dave Calhoun stepped in to address a crisis at Boeing. He is stepping aside four years later with the manufacturer still mired in a crisis over the quality of its planes.

The Boeing chief executive will exit at the end of the year, part of a broader executive shake-up after a Jan. 5 midair blowout and sweeping production problems that have angered airlines and regulators.

The aircraft maker also said the head of its commercial-aircraft business, Stanley Deal, will step aside immediately and its chairman, Larry Kellner, won’t stand for re-election. Steve Mollenkopf, a former CEO of Qualcomm, will take over as board chair and lead the search for the next Boeing boss.

• After Calhoun, Boeing Needs a Clean Break With the Past

• Adam Neumann, former chief executive and co-founder of WeWork, recently submitted an offer to buy the bankrupt co-working company for more than $500 million, according to people with knowledge of the matter.

• Ericsson will cut around 1,200 jobs in Sweden as it adjusts to a lower-volume environment.

• In an annual rite of spring, China this week has been pitching American and other Western corporate executives on the country’s prospects. The difference this year: a franker-than-usual recognition of the mounting concerns around China’s economy, from more senior-than-usual officials. 

📰 Other headlines

• Fisker Says Deal Talks End, Adding Pressure to EV Maker
• Qualcomm Abandons Bid to Buy Autotalks, FTC Welcomes Decision
• Trial for Fallen Crypto Tycoon Do Kwon Begins, but He’s Not There
• The Office Market Is in Turmoil. So Why Are Rents More Expensive?
• Why Treasury Yields Are Rising Despite Rate-Cut Expectations

Sun Life Financial, the Canadian financial services company, named Timothy Deacon, finance chief of Ontario Teachers' Pension Plan, as the next chief financial officer. Deacon will take on the new role effective April 8, succeeding Manjit Singh, who is now president of Sun Life Asia. Deacon has more than two decades of experience in insurance, wealth and asset management, investments and capital markets, and most recently was finance chief of a large pension plan, Sun Life said.

Affiliated Managers Group, the West Palm Beach, Fla.-based global asset management company, named Dava Ritchea as chief financial officer, effective April 1. Ritchea succeeds Thomas Wojcik, who has been named the company’s operating chief. Ritchea most recently served as CFO of the hedge fund Sculptor Capital.

—Robb M. Stewart and Sabela Ojea contributed to this newsletter.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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