Education
The Association of California Cities-Orange County honored the University of California-Irvine with a Golden Hub of Innovation award for its “Fifty for 50 Campus Challenge: A Celebration of Community Engagement at UCI.” Chancellor Howard Gillman’s strategic plan includes more engagement with the local community through sharing campus resources.
Finance
Newport Beach-based asset management firm Pacific Investment Management Co. cut 68 jobs, or about 3% of its workforce of 2,300, and is offering voluntary severance to some U.S. employees, according to an internal company memo obtained by numerous news outlets. The memo also said PIMCO will eliminate a team dedicated to dividend-income strategy; it said the funds leaving PIMCO represent less than 1% of its managed stock assets. The cuts are a step to better structure the firm, the memo said.
Costa Mesa-based consumer financial services firm Payoff raised about $47 million from 56 investors in a round worth about $65 million, according to a Securities and Exchange Commission document. Payoff offers low-interest loans of up to $35,000 to help people with a minimum credit score of 660 repay their credit card debt in two to five years. It’s raised about $350 million in equity and debt since launching in 2009.
Newport Beach-based private equity firm Kodiak Capital Group LLC agreed to purchase $2 million in stock in Burn Entertainment Corp., a New York media entertainment company that focuses on cannabis. Kodiak’s ownership percentage is undetermined. Burn will use the money to produce TV shows, music, educational programs and product reviews.
Healthcare
Aliso Viejo-based Sequent Medical Inc. was acquired for $280 million by Japan-based Terumo Corp. Sequent makes an implant called Web for treating brain aneurysms. Terumo is also the parent of MicroVention Inc., a maker of stroke treatment devices that’s moving to Aliso Viejo. Terumo said the Sequent deal, which expands its neurovascular product line, could be worth an additional $100 million in milestone payments.
Insurance
Irvine-based automobile dealership insurer SouthWest Dealer Services named Vernon Leake chief executive. He succeeds Eric Hamann, who remains with the company as president. SouthWest Dealer Services provides finance and insurance products to auto dealerships in 16 states and is a portfolio company of Spencer Capital Holdings Ltd. in New York.
Manufacturing
Former Broadcom executive Robert Rango was named chief executive of Irvine-based battery maker Enevate Corp., replacing Brian Wong. He’s also held leadership roles at Agere Systems, Lucent Technologies, and AT&T Bell Labs. Wong, who joined Enevate in 2012 to take the top post, is leaving the company to pursue other interests.
Marketing
Huntington Beach-based Grupo Gallegos created a management post to be shared between an in-house executive and a new hire, effective July 18. The independent agency hired Dave Damman as chief creative officer and co-president. His latest assignment was with Commonwealth IPG as interim global executive creative director overseeing the Chevrolet business. Grupo Gallegos Chief Strategy and Engagement Officer Andrew Delbridge adds the title of co-president.
Media
Tom Bray, managing editor of the Press-Enterprise in Riverside, was named managing editor of news for the entire Southern California News Group. The Orange County Register and Press-Enterprise are part of the group under Digital First Media, which acquired both papers out of bankruptcy this year. Kimberly Guimarin was named Press-Enterprise senior editor, becoming the top local newsroom staffer following the departure of Editor Michael Coronado this month. Executive Editor for the Southern California News Group Frank Pine said the restructuring helps facilitate efficient operations (see related story, page 1)
Philanthropy
George and Julianne Argyros plan to give $2.5 million to a theater in her hometown of Adrian, Mich., according to a newspaper there. The pledge to Croswell Opera House goes toward a capital campaign goal of $7.2 million. Money raised will establish an endowment and renovate the theater, which opened in 1866 and is one of the oldest continuously running theaters in the U.S. George Argyros is a real estate developer and a former ambassador to Spain.
