Apparel
Tilly’s Inc. started a search for a new chief financial officer to replace Jennifer Ehrhardt, who’s leaving in June to “pursue other professional interests.” She joined the Irvine-based apparel, footwear and accessories retailer two years ago from Wet Seal Inc. in Foothill Ranch, where she served as vice president and corporate controller from 2009 to 2013.
Automotive
A Kia Motors America Inc. manufacturing plant in Georgia went back online after an employee there shot a co-worker in the leg. The victim was airlifted to Midtown Medical Center in Columbus and was listed in stable condition. The shooter was arrested without incident. Kia Motors Manufacturing Georgia in West Point employs about 3,000 workers, who build the automaker’s Sorento and Optima models.
Finance
Costa Mesa-based Pacific Mercantile Bancorp Inc. instituted a “strategic realignment” of its Small Business Administration lending group. The bank discontinued its business of funding broker-originated SBA loans, citing that broker relationships “generally did not result in the bank having the borrower’s full banking relationship,” which was “not in line with our strategy of transitioning to a relationship-oriented commercial banking model.” The bank terminated the 15 employees in the SBA group and incurred personnel expense, including $611,000 in severance pay. It said it expected no additional expenses and that it’s still in good standing with the SBA.
Newport Beach-based Pacific Life Insurance Co. sold its pension advisory business in New York to Goldman Sachs Assets Management. Terms weren’t disclosed. The division, called Pacific Global Advisors, specializes in investment, risk management and other services, primarily serving institutional investors that focus on corporate defined-benefit pension plans. It had more than $18 billion in assets under supervision as of March 31. “Key members” of the firm are expected to join Goldman Sachs, and the deal is expected to close midyear.
Technology
San Juan Capistrano-based software maker PingThings Inc. received a venture capital investment from GE Ventures, the venture capital arm of General Electric, and Frost Data Capital. It said proceeds will be used to develop and install a commercial product at major U.S. utilities and to expand sales. The value of the investments was undisclosed, but the backers are included in the company’s $2 million Seed B round that will close soon, according to sources knowledgeable of the matter. PingThings, established a year ago, makes predictive analytics software designed to enhance grid stability against a wide range of adverse incidents, such as a failing transformer.
